US Weekly Jobless Claims Drop

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Published on October 20, 2022 - Duration: 01:31s

US Weekly Jobless Claims Drop

US Weekly Jobless Claims Drop.

Reuters reports that for the week ending Oct.

15, new unemployment claims fell to 214,000.

Economists expected that number to be higher at 230,000.

Earlier this month, the Labor Department reported that job openings decreased by 1.1 million.

Earlier this month, the Labor Department reported that job openings decreased by 1.1 million.

That is reportedly the most significant decrease in available jobs since April 2020.

But economists say extensive layoffs aren't likely since employers want to hold on to workers after experiencing hiring difficulties amid the pandemic.

The Federal Reserve continues to battle inflation, which directly affects the job market.

According to Investopedia, "as inflation accelerates, workers may supply labor in the short term because of higher wages – leading to a decline in the unemployment rate." .

But when workers' purchasing power doesn't hold up against rising inflation, the willingness to work often declines and the unemployment rate rises again.

Reuters reports that the Federal Reserve has increased its policy rate from close to zero at the start of the year to a current span of 3.00% to 3.25%.

.

Reuters reports that the Federal Reserve has increased its policy rate from close to zero at the start of the year to a current span of 3.00% to 3.25%.

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Officials have suggested that more increases are on the way


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