US jobless claims fall to 196,000, lowest since mid-July
WASHINGTON — The number of people applying for unemployment benefits dropped sharply last week, another sign that layoffs remain rare and most Americans enjoy job security. The Labor Department reported Thursday that jobless claims slid to 196,000, the fewest since mid-July and down from 206,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, dropped…
The Labor Department announced Thursday that the number of individuals filing for unemployment benefits plummeted to 196,000 in the most recent week, marking the lowest figure since mid-July. This decline comes after a drop from 206,000 in the previous week. Moreover, the four-week average of claims, which helps smooth out fluctuations from week to week, decreased to 203,250.
Industry experts had anticipated claims to total 207,500, according to a survey conducted by data firm FactSet. Unemployment claims function as an indicator of job losses, and economists closely monitor them to gauge the trajectory of the labor market. Since the onset of the Iran conflict on February 28, the U.S. job market has remained robust, despite increasing gasoline prices that have impacted both businesses and consumers.
Throughout the past year, claims have consistently remained within a historically low range, fluctuating between 200,000 and 230,000 weekly. Despite gasoline price hikes, businesses, mindful of the labor shortages that followed the end of pandemic lockdowns, have been cautious about terminating employees. Consequently, hiring has been modest, with no significant layoffs.
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- US jobless claims fall to 196,000, lowest since mid-July koreatimes.co.kr
