Investing.com – The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, but more people were receiving benefits in mid-October, increasing risk that the unemployment rate will rise this month.
Job claims fell 15,000 to a seasonally adjusted 227,000 for the week ended Oct. 19, the Labor Department said Thursday.
Economists had expected 243,000 aid applications in the past week.
On the other hand, which is higher than the variations of the weekly numbers, to 238.50 thousand from 236.50 thousand orders.
Meanwhile, gold prices maintained their strong gains during today’s trade following the release of economic data, as this coincided with the decline in dollar index contracts in SA.
The latest developments in the labor market
The Fed’s “Beige Book” report released Wednesday described employment as “increasing slightly” in early October, “with more than half of the counties recording little or no growth and the remaining counties recording very little.” little change. “
“Many sectors reported lower employee turnover, and layoffs remained limited,” she said, adding that “demand for workers has decreased somewhat, with hiring primarily focused on replacement rather than grow “
A more than month-long strike by about 33,000 Boeing machine workers, which has affected hiring in the struggling airline’s supply chain as well as its non-striking workers, has also weighed on the labor market picture. to scatter
The company’s West Coast union workers voted Wednesday to reject a proposed new contract that includes a 35% pay increase over four years and boosted contributions to 401 (k ) employees.
The unemployment rate fell to 4.1% in September from 4.2% in August. Its rise from 3.4% in April 2023 to 4.3% in July this year was the catalyst for an unusual 50 basis point interest rate cut by the US central bank last month.
The first cut in borrowing costs since 2020 led the Federal Reserve to lower the interest rate to a range of 4.75%-5.00%. The Fed raised interest rates by 525 basis points in 2022 and 2023 to curb inflation. It is expected to cut interest rates by 25 basis points next month.
Gold and dollars now
It is now up 0.85% to $2,752 an ounce.
While it rose about 0.88% to $2739 per ounce.
On the other hand, contracts are declining to the level of 104.08 points, with 0.2%.
2024-10-24 12:33:00
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