Labor Market Remains Strong as Unemployment Claims Continue to Fall

Labor Market Remains Strong as, Unemployment Claims , Continue to Fall.

ABC reports that the number of applications for unemployment in the United States fell sharply last week, signaling a resilient job market.

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On November 22, the Labor Department reported that jobless claims had fallen by 24,000 to reach 209,000.

The week before saw the number reach 233,000, the highest it has been since August.

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The latest numbers also show the four-week moving average fell by 750 to reach 220,000.

ABC reports that the numbers remain historically low, signaling high job security for U.S. workers.

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ABC reports that the numbers remain historically low, signaling high job security for U.S. workers.

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For the week ending November 11, the total number of Americans collecting unemployment benefits was at 1.84 million, down 22,000 from the week before.

For the week ending November 11, the total number of Americans collecting unemployment benefits was at 1.84 million, down 22,000 from the week before.

But job growth remains strong, the unemployment rate remains historically low, and businesses have yet to start reducing their workforce in a significant way, Rubeela Farooqi, Chief U.S. economist at High Frequency Economics, via ABC.

But job growth remains strong, the unemployment rate remains historically low, and businesses have yet to start reducing their workforce in a significant way, Rubeela Farooqi, Chief U.S. economist at High Frequency Economics, via ABC.

We expect some softening in labor demand going forward as the effects of restrictive monetary policy spread more broadly through the economy, Rubeela Farooqi, Chief U.S. economist at High Frequency Economics, via ABC.

ABC reports that the combination of a resilient job market and falling inflation has increased hope that the Federal Reserve will end its recent rate-hiking campaign.

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ABC reports that the combination of a resilient job market and falling inflation has increased hope that the Federal Reserve will end its recent rate-hiking campaign.

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The Fed has raised its benchmark interest rate eleven times since March of 2022 in an attempt to slow the economy while also preventing a recession.