US weekly jobless claims fall even layoffs pick up in October via IrishTimesBiz
It was the fourth straight 75-basis-point rate hike as the Fed fights to bring inflation back to its 2 per cent target. Fed Chair Jerome Powell told reporters that the labor market"remains extremely tight," and"continues to be out of balance."
The claims report also showed the number of people receiving benefits after an initial week of aid, a proxy for hiring, rose 47,000 to 1.485 million in the week ending October 22nd. The data has no bearing on October’s employment report, scheduled to be released on Friday, as it falls outside the survey period.
Though unemployment rolls remain small, there has been an uptick in layoffs. A separate report from global outplacement firm Challenger, Gray & Christmas on Thursday showed job cuts announced by US-based employers increased 13 per cent to 33,843 in October, the highest since February 2021.
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