The number of initial jobless claims in the United States fell to 216,000 last week, the lowest since mid-April
The number of initial jobless claims in the United States fell to 216,000 last week, the lowest since mid-April, and below the expected 225,000. Despite an increase in layoff announcements from large companies, actual layoffs have not accelerated significantly. The number of continuing unemployment claims has risen, reflecting a slowdown in the recovery of the job market. The consumer confidence index has declined, with growing public concern about job prospects. The Federal Reserve faces a dilemma between supporting the job market and curbing inflation, with clear policy divergences
The number of Americans applying for unemployment benefits unexpectedly fell to its lowest level since mid-April last week, remaining relatively low overall.
According to data released by the U.S. Department of Labor on Wednesday, the number of initial jobless claims decreased by 6,000 to 216,000 for the week ending November 22, lower than the expected 225,000. The number of continuing claims, which reflects those receiving unemployment benefits, slightly rose to 1.96 million in the previous week.
The data shows that although employers have reduced the scale of new hiring, they are still striving to retain their existing workforce. Despite an increase in layoff announcements from large companies, including Verizon Communications and Amazon, actual layoffs have not shown a significant acceleration.
Since September, the number of continuing claims has been on an upward trend, currently maintaining levels seen during the post-pandemic labor market recovery. Although initial claims remain low, the difficulty for unemployed individuals to find reemployment is increasing.
Recent surveys indicate that concerns among the American public regarding the labor market are intensifying. The consumer confidence index in November recorded its largest decline in seven months, partly due to weakening employment prospects.
A Harris poll shows that 55% of employed Americans are worried about unemployment, with nearly half of respondents believing that if they lost their current job, it would take four months or longer to find a position of similar quality.
The Federal Reserve has cut interest rates in its last two policy meetings to boost the slowing labor market. However, policymakers remain divided on whether to continue cutting rates at the final meeting of the year in December, facing the dilemma of supporting a weak job market while curbing persistently high inflation.
The four-week moving average of initial jobless claims, used to smooth out volatility, fell to 223,750 last week.
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