The number of initial jobless claims in the United States rose to 223,000, hitting a three-year high
The number of initial jobless claims in the U.S. for the week ending January 18 rose to 223,000, exceeding the expected 220,000, reaching a three-year high. The number of continuing claims also increased to 1.9 million, indicating that unemployed individuals are facing greater difficulties in finding work. Although initial jobless claims remain at a healthy level, the rise in continuing claims suggests increasing pressure on the labor market. Economists are paying attention to this data in preparation for this month's employment report, and it is expected that the Federal Reserve will not cut interest rates at next week's policy meeting
According to the Zhitong Finance APP, data released by the U.S. Department of Labor on Thursday showed that the number of initial jobless claims rose to 223,000 for the week ending January 18, higher than the expected 220,000, with the number of Americans receiving unemployment benefits climbing to the highest level in over three years.
The number of continuing jobless claims surged to 1.9 million, the highest level since November 2021. This indicates that unemployed individuals are taking longer to find new jobs.
Although the initial jobless claims remain at a level indicating a healthy labor market, the level of continuing claims suggests that more unemployed individuals are facing greater difficulties in finding new employment.
Economists are closely monitoring the labor data for the week ending January 18, as this week is when surveys are conducted to prepare for this month's employment report. During this period, devastating fires occurred in Los Angeles, burning multiple blocks.
Unadjusted for seasonal factors, initial jobless claims fell by about 68,000 last week, marking the largest decline in three years. Four states only provided estimated figures, including California, where claims surged the most in the previous week.
Economists say that large-scale deportations of immigrants and restrictions on legal immigration may hinder the labor market. The Federal Reserve's policy meeting next week is not expected to result in an interest rate cut