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US weekly jobless claims fall; labor market still slowing

WASHINGTON (Reuters) -The number of Americans filing new claims for unemployment benefits fell more than expected last week, but that likely does not change the view that the labor market is gradually slowing as higher interest rates cool demand in the economy. Though the weekly jobless claims report from the Labor Department on Wednesday also showed unemployment rolls declining for the first-time since mid-September, they remained near the highs for this year. Slowing demand for labor and subsiding inflation have led economists and financial markets to conclude that the U.S. central is done hiking interest rates in the current cycle.

New US jobless claims edge down; continued claims on the rise

(Reuters) -The number of Americans filing new claims for unemployment benefits edged down last week, signaling that layoffs remain low even as the still-strong job market shows some signs of cooling. Initial claims for state unemployment benefits fell 3,000 to a seasonally adjusted 217,000 for the week ended Nov. 4 from an upwardly revised 220,000 in the prior week, the Labor Department said on Thursday.

AJMC® in the Press, October 20, 2023

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