Economy

US unemployment claims fall to lowest number in 44 years

A report released by the Labor Department on Thursday showed first-time claims for USA unemployment benefits fell by much more than anticipated in the week ended October 14th, with claims sliding to their lowest level in over forty years.

The Labor Department said Thursday that claims for jobless aid dropped by 22,000 to 222,000, fewest since March 1973.

The Federal Reserve reported this week that USA labor markets were experiencing "widespread" labor shortages, with employers struggling to fill open positions, particularly in transportation and construction - but wage increases have been notably stagnant.

The Labor Department said claims taking procedures continued to be severely disrupted in Puerto Rico and the Virgin Islands as a result of power outages and infrastructure damage caused by Hurricanes Irma and Maria.

Initial claims are an advance indicator of the pace of layoffs and the overall strength of the labor market, since some people need government benefits to sustain themselves right after they lose a job.

Bloomberg had a consensus estimate of 240,000 and Dow Jones (Wall Street Journal) showed a consensus of 239,000 for last week's claims. Claims numbers have remained below 300,000 a week for more than two and a half years. The four-week moving average, a steadier measure, dropped 9,500 to 248,250 last week, after hitting a more than one-year peak in mid-September.

Continuing claims, which lag by a week, fell 16,000 for the week ending October 7 to a new multi-decade low at 1.888 million. "The last time unemployment was that low, in 1969, core CPI inflation was 6%". The hemorrhaged jobs are likely a reflection of hurricane-related economic disruptions, though Puerto Rico and the U.S. Virgin Islands aren't included in national employment data.



Like this

loading...
loading...

Latest


19 October 2017
Empire State Realty Trust, Inc. (NYSE:ESRT) Trading Volume Significantly Higher
BidaskClub raised Empire State Realty Trust from a "sell" rating to a "hold" rating in a research report on Wednesday, August 2nd. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Empire State Realty Trust by 15.3% in the second quarter.

19 October 2017
The Washington Wizards look to start this season off right
The Washington Wizards are coming off a 49-win season and have goals of pushing for an Eastern Conference title. Embiid, who played 27 minutes, finished with 18 points and 13 rebounds in his 2017-18 debut.

19 October 2017
Ghana seal quarter-final date with Mali
Edmund Arko-Mensah nearly gave Ghana the lead after Gabriel Leveh fed him well but Lawali made a diving save in the 25th minute. Eric Ayiah opened the scoring from the penalty spot in first-half stoppage time in the western Indian city.

19 October 2017
Brexit must not be used to turn United Kingdom into tax haven - Corbyn
She said the government was developing a "streamlined" digital system to process requests for those wanting to remain, and that "we will keep the cost as low as possible".

19 October 2017
Toyota declares aluminium from scandal hit Kobe is safe
Kobe's property unit, Shinko Real Estate Co., had fixed assets of about $801 million, according to a March filing. Another Japanese automaker, Mitsubishi Motors, vouched for the safety of Kobe Steel aluminum on Wednesday.

19 October 2017
Earnings Expectations Are Very High For Paypal Holdings Inc (PYPL)
Following the transaction, the chief operating officer now directly owns 29,252 shares in the company, valued at $1,733,181. Archford Capital Strategies LLC increased its position in shares of PayPal Holdings by 65.4% during the first quarter.

19 October 2017
China is weaponizing North Korea: Gordon Chang
The new submarine will be the country's first operational naval vehicle capable of launching a ballistic missile. The new submarine, designated Sinpo-C by the USA government, was detected by US intelligence.

19 October 2017
Self-Harm on the Rise Among Teen Girls
Prof Kapur added: "These results emphasise the opportunity for earlier intervention in primary care to reduce suicide risk". The investigators compared those children to more than 170,000 kids who didn't self-harm, matched for age and gender.

19 October 2017
Bruce Wayne gets a shout out on 'Arrow'
With the team left hanging in the balance, the focus shifts to the fates of every member of Team Arrow! Airing Thursdays at 9 p.m. It's pretty unlikely that the Caped Crusader will actually show up on Arrow , but it's fun to dream.

19 October 2017
'Roseanne' Revival Is in Production
It's ideal timing for ABC to release the image, since October 18 is the 29th anniversary of the premiere of the iconic sitcom Roseanne .