28 March 2024

Thursday ¯\_(ツ)_/¯

So, once again, initial unemployment claims fell, beating forecasts, falling by 2,000 to 210,000 while continuing claims rose by 24,000 to 1.8 million.

The number of Americans signing up for unemployment benefits fell slightly last week, another sign that the labor market remains strong and most workers enjoy extraordinary job security.

Jobless claims dipped by 2,000 to 210,000, the Labor Department reported Thursday. The four-week average of claims, which smooths out week-to-week ups and downs, fell by 750 to 211,000.

Overall, 1.8 million Americans were collecting unemployment benefits the week that ended March 16, up 24,000 from the week before.

Applications for unemployment benefits are viewed as a proxy for layoffs and a sign of where the job market is headed. Despite job cuts at Stellantis Electronic Arts, Unilever and elsewhere, overall layoffs remain below pre-pandemic levels. The unemployment rate, 3.9% in February, has come in under 4% for 25 straight months, longest such streak since the 1960s.

Meanwhile, GDP was revised up by .2% for the 4th quarter of 2023. 

With all of this, I'm thinking that the Fed will put off rate cuts for another meeting.  (Somehow skyrocketing profits are not subject to the same level of concern as mildly improving wages)


Post a Comment