Solid US Employment Sector, with the Lowest Layoffs in Record
US employment has been one of the few sectors that was keeping the economy afloat during last year, as most other sectors faltered on surging prices and surging interest rates by the FED, making the situation for the public and businesses even more difficult. However, the employment sector has remained strong throughout this period, and the low numbers of layoffs shows that this sector remains solid.
The Labor Department said that applications for unemployment benefits increased by 25,000 from the previous week to 214,000 last week. However, we come from a very low reading in the previous week and the four-week average of claims which is more stable, also decreased fell lower last week to 202,250.
The Fed swiftly raised interest rates at the fastest pace ever in the last two years, which would have sent the US economy into a recession. However, the US economy avoided a recession and labour market remained surprisingly strong, with the unemployment rate remaining below the 4% level for two years, which is the longest streak in more than 50 years. The USD has turned higher again after a retreat lower initially, so we are trying to buy the Buck against other major currencies.
US Initial and Continuing Unemployment Claims for Last Week
- Actual jobless claims: 214K
- Estimate jobless claims: 200K
- Prior Week jobless claims (Revised): 189K (originally reported as 187K)
4-Week Moving Average of Initial Jobless Claims:
- Actual: 202.25K
- Previous Week: 203.75K
Continuing Claims:
- Actual continuing claims: 1.833M
- Estimate continuing claims: 1.828M
- Prior Week continuing claims: 1.806M
Last week’s low data may also have been influenced by the shortened work week due to MLK holiday, so the report may have been better.
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