The number of initial jobless claims in the United States rose slightly last week, but the employment market still shows resilience
According to data from the US Department of Labor, the number of initial jobless claims rose slightly to 225,000 in the week ending September 28, slightly higher than expected and the previous value. The number of continued jobless claims decreased to 1.826 million, lower than expected. Despite slowing hiring and rising unemployment rates, the number of initial jobless claims remains low as employers retain employees. It is expected that 140,000 non-farm jobs will be added in September, with the unemployment rate remaining at 4.2%. Strikes at ports along the East Coast and the Gulf of Mexico may affect employment numbers
According to the latest information from the Zhitong Finance and Economics APP, data released by the U.S. Department of Labor on Thursday showed that the number of initial jobless claims in the United States rose slightly to 225,000 in the week ending September 28, slightly higher than the market's expectation of 220,000 and the previous value of 218,000. In addition, the number of continuing jobless claims in the United States for the week ending September 21 dropped to 1.826 million, lower than the market's expectation of 1.832 million and the previous value of 1.834 million; the four-week moving average of initial jobless claims in the United States for the week ending September 28 dropped to 224,300, the lowest level since June 1.
Despite the slowdown in hiring by U.S. employers and a slight increase in the unemployment rate this year, the weekly initial jobless claims remain at a relatively low level, largely because most employers have retained their existing employees. Employment consulting firm Challenger, Gray & Christmas stated that so far this year, the number of job cuts announced by U.S. employers has remained almost unchanged compared to the same period last year. The company noted that a large portion of the layoffs come from the technology industry, which typically offers generous severance packages, meaning that laid-off employees are less likely to apply for unemployment benefits.
It is worth noting that the U.S. non-farm payroll data for September will be released on Friday. Economists expect that the number of new non-farm payrolls in September will be 140,000, and the unemployment rate will remain at 4.2%.
Furthermore, strikes at ports along the U.S. East Coast and Gulf Coast are expected to exacerbate volatility in the shipping-related industries. Bloomberg Economics estimates that if the strike lasts for more than two weeks, employment in October could decrease by 80,000 people