Initial unemployment claims fell by 1,000 to 217,000 last week, while continuing claims rose by 50,000 from 1,440,000 to 1,490,000.
Basically, things are pretty flat:
U.S. applications for unemployment benefits held nearly steady at a low level last week in the latest sign the labor market remains tight.
The job market has cooled a little compared with the first half of the year but remains strong. Initial jobless claims, a proxy for layoffs, are down this fall from a summer peak. Last week, workers filed for a seasonally adjusted 217,000 claims, nearly identical to the week before, the Labor Department said Thursday. The prepandemic 2019 weekly average was 218,000, when the labor market also was robust.
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Continuing claims, a proxy for the number of people seeking ongoing unemployment benefits, increased to 1.49 million in the week ended Oct. 22 from 1.44 million a week earlier. Those are below weekly totals ahead of the pandemic but above 1.31 million in mid-May, which was the lowest in 53 years. Continuing claims are reported with a one-week lag.
The Fed is determined to tank the economy, because they see suppressing wages as an independent good, but inflation, as I noted yesterday, is not being driven by wages, but the bankers in the Federal Reserve don't care.
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