Both initial and continuing claims fell, with initial claims falling to a two month low:
The number of Americans filing new claims for jobless benefits dropped to a two-month low last week, pointing to underlying labor market strength even as demand for workers is easing.
With the report from the Labor Department on Thursday also showing the number of people on unemployment rolls remained elevated towards the end of December, financial markets continued to anticipate that the Federal Reserve would start cutting interest rates in March………
Initial claims for state unemployment benefits dropped 18,000 to a seasonally adjusted 202,000 for the week ended Dec. 30, the lowest level since mid-October. Economists polled by Reuters had forecast 216,000 claims for the latest week.
………The number of people receiving benefits after an initial week of aid, a proxy for hiring, decreased 31,000 to 1.855 million during the week ending Dec. 23, the claims report showed. The so-called continuing claims have mostly increased since mid-September, a trend blamed largely on difficulties adjusting the data for seasonal fluctuations after an unprecedented surge in filings early in the pandemic.
On the other hand, job openings in November fell to a 32 month low:
The number of job openings in the United States dropped more than expected in October to a 32-month low signaling a slow down in employers’ hiring intentions last seen at the height of the pandemic in early 2021.Needless to say, I remain confused. ¯\_(ツ)_/¯
There were 8.7 million jobs in October down from 9.3 million the previous month, according to the Labor Department’s Job Openings and Labor Turnover Survey, also known as JOLTS, released Tuesday morning. September figures were also revised downward.
The drop in job openings is a welcome development for the Federal Reserve, which has been fighting to bring down inflation by raising interest rates to cool off the broader economy. The Fed monitors job openings as a sign of its progress.
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