financetom
Economy
financetom
/
Economy
/
US weekly jobless claims increase moderately
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US weekly jobless claims increase moderately
Nov 9, 2024 12:09 PM

WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits rose marginally last week, suggesting no material change in labor market conditions and reinforcing views that hurricanes and strikes had resulted in job growth almost stalling in October.

Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 221,000 for the week ended Nov. 2, the Labor Department said on Thursday. Economists polled by Reuters had forecast 221,000 claims for the latest week.

Employment growth slowed sharply last month, with nonfarm payrolls increasing by only 12,000 jobs, the fewest since December 2020. That aligned with a jump in claims in early October as Hurricane Helene disrupted economic activity in the U.S. Southeast region. Applications stayed elevated through the middle of last month after Hurricane Milton lashed Florida.

A strike by factory workers at Boeing, which forced the planemaker to implement rolling furloughs, also weighed on payrolls in October. The disruptions from the hurricanes have almost faded and the striking workers have gone back to work after agreeing to a new contract this week, paving the way for an acceleration in job growth in November.

Economists expect Federal Reserve officials won't place much emphasis on October's employment report as they evaluate the state of the economy. The U.S. central bank later on Thursday is expected to cut its benchmark interest rate again, this time by a quarter of a percentage point to the 4.50%-4.75% range.

The Fed embarked on its policy easing cycle with an unusually large half-percentage-point rate cut in September, the first reduction in borrowing costs since 2020. It hiked rates by 525 basis points in 2022 and 2023 to curb high inflation.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, rose 39,000 to a seasonally adjusted 1.892 million during the week ending Oct. 26, the claims report showed. The Boeing-related furloughs are mostly keeping the so-called continuing claims elevated.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Factbox-What is Ireland's exposure to the US economy and Trump's plans?
Factbox-What is Ireland's exposure to the US economy and Trump's plans?
Mar 11, 2025
DUBLIN (Reuters) - Ireland is among countries vulnerable to changes in the global economy proposed by U.S. President Donald Trump, with a significant proportion of employment, tax receipts and exports all directly dependent on a cluster of U.S. multinational firms. EMPLOYMENT Mostly U.S.-owned foreign multinationals, mainly in the technology and pharmaceutical sectors, employ about 11% of Irish workers after successive...
US Dollar Falls Early Tuesday Ahead of Redbook, JOLTS Data
US Dollar Falls Early Tuesday Ahead of Redbook, JOLTS Data
Mar 11, 2025
07:36 AM EDT, 03/11/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday, except for a gain versus the yen, ahead of the release of weekly Redbook same-store sales at 8:55 am ET and job openings data for January at 11:00 am ET. Earlier Tuesday, the National Federation of Independent Business said uncertainty remained high,...
US job openings increase in January; layoffs decline
US job openings increase in January; layoffs decline
Mar 11, 2025
WASHINGTON (Reuters) - U.S. job openings increased in January, but demand for labor is likely to soften in the months ahead amid concerns that uncertainty over import tariffs and aggressive government spending cuts could cause a sharp slowdown in economic activity. Job openings, a measure of labor demand, rose 232,000 to 7.740 million on the last day of January, the...
Irish prime minister faces balancing act at talks with Trump
Irish prime minister faces balancing act at talks with Trump
Mar 11, 2025
* Irish prime minister set to meet Trump in White House * Irish economy is vulnerable to Trump's economic plans * Concern over impact on jobs, tax revenue and exports By Padraic Halpin DUBLIN, March 11 (Reuters) - Irish Prime Minister Micheál Martin faces a diplomatic balancing act during talks with Donald Trump on Wednesday, with Ireland among the countries...
Copyright 2023-2025 - www.financetom.com All Rights Reserved