The U.S. Department of Labor released the latest unemployment benefits data on Thursday (2nd). Last week, the adjusted number of initial jobless claims reported 183,000, a 9-month low, lower than market expectations of 200,000 and 186,000 from the previous value. The number of people who continued to receive unemployment benefits also continued to decline last week, and the report showed that the job market is still hot.
As of the week of January 28, the adjusted number of initial jobless claims in the United States reported 183,000, lower than market expectations, a decrease of 3,000 from 186,000 last week, and a 4-week moving average of 191,700.
For the week ended January 21, the adjusted number of Americans continuing to receive unemployment benefits was 1.655 million, a decrease of 11,000 from last week’s revised 1.666 million and below market expectations of 1.677 million, the 4-week moving average Reported 1.6515 million people.
The job market, which has cooled slightly, remains tight by many indicators and remains one of the key hurdles for the Fed’s fight against inflation. Job growth has slowed in recent months and layoffs have also been seen in technology and banking, but demand for workers still far outstrips supply, which could put upward pressure on wages and overall prices.
After the US Federal Reserve (Fed) slowed the pace of interest rate hikes to 1 yard (25 basis points) yesterday, Fed Chairman Jerome Powell emphasized that the central bank needs to see a better balance in the job market to curb inflation that does not include housing and energy. domestic service sector inflation. He also acknowledged progress so far in easing price pressures without weakening the job market.
The US non-farm payrolls report for January will be released on Friday. The outside world expects employment to slow down, but it is still growing strongly and the unemployment rate will remain at a 50-year low. Other U.S. data this week showed labor costs slowed late last year, while the job opening tree unexpectedly rose.
Another report released on the same day showed that in the fourth quarter of last year, the productivity of workers in the United States increased the most in a year, and labor costs also fell. If this trend continues, it may help to further ease inflationary pressures.
High Frequency Economics’ Rubeela Farooqi said layoffs remained low and demand for workers remained strong. The labor market has yet to respond meaningfully to the rapid rise in interest rates.
Paul Ashworth, North American analyst at Capital Economics in Toronto, said that even if the January non-farm payrolls report showed no rise in unemployment, the elasticity of job opportunities was questionable and the labor market no longer appeared to be a significant source of inflationary pressures. .
