The numbers: The number of Americans who applied for unemployment benefits last week rose slightly to 207,000, but they remained near pandemic-era lows and reflected an uber-strong labor market.
New jobless claims edged up from a revised 205,000 in the prior week, the government said.
Claims show a very low number of job losses and point to a stable economy. Unemployment claims typically rise toward 300,000 — and eventually a lot higher — when a recession approaches.
Economists had forecast new claims in the week ended Sept. 30 to total 210,000.
Key details: New jobless claims fell in 33 of the 53 states and territories that report these figures to the federal government. Claims rose in 20 states.
The number of raw or actual claims — that is, before seasonal adjustments — fell again to a one-year low of of 172,755. That’s one the lowest levels in more than 50 years.
The number of people collecting unemployment benefits in the U.S., meanwhile, was basically unchanged at 1.66 million. Most laid-off workers appear to be finding new jobs quickly.
Big picture: The labor market is cooling off, but mostly because businesses are hiring fewer workers. Some don’t need more help and other simply can’t find suitable employees.
With the economy is still growing, layoffs remain extremely low by historical standards. Companies are reluctant to fire workers amid the worst labor shortage since World War Two.
Looking ahead: “Our view remains that even if the economy slumps, layoffs will rise less dramatically than normally might occur as companies do all they can to avoid shedding workers who have been incredibly difficult to recruit and retain,” chief economist Joshua Shapiro wrote in a note to clients.
Market reaction: The Dow Jones Industrial Average
DJIA,
and S&P 500
SPX,
were set to open mildly lower in Thursday trades.
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