Investing.com – The number of Americans filing new claims for unemployment benefits fell last week as disruption from hurricanes eased.
Job claims fell 12,000 to a seasonally adjusted 216,000 for the week ending Oct. 26, the Labor Department said Thursday. Economists had expected 229,000 claims to be filed last week.
On the other hand, which is higher than the variations of the weekly numbers, to 236.50 thousand from 238.75 thousand orders.
Claims rose early in the month as Hurricane Helen disrupted economic activity in the Southeast and remained high into the middle of the month after Hurricane Milton hit Florida. Orders were also boosted by a strike by factory workers at Boeing, which forced the aircraft to deploy rolling shutters.
The number of people receiving benefits after a week of initial aid, which accounts for employment, fell by 26,000 claims to a seasonally adjusted 1.862 million claims in the week to October 19, the claims report showed.
Despite the hurricanes and strike fluctuations, the picture of the labor market may not have changed much.
A report released by global recruiting firm Challenger Gray & Christmas on Thursday showed that planned layoffs by US employers fell 23.7% to 55,597 in October.
However, storms and labor conflicts likely dampened job growth in October. The Labor Department reported last week that 41,400 workers went on strike during the period employers were surveyed for their October employment report, including Boeing (NYSE:) and three hotel chains.
The Ministry of Labor plans to publish. Economists expect Fed officials to release the earnings report when they meet next week and cut interest rates by 25 basis points.
Last month, the US central bank kicked off its policy easing cycle with a fifty percentage point interest rate cut, the first cut in borrowing costs since 2020. The Fed’s interest rate is now at 4.75%-5.00%, after an increase with a basis of 525. points in 2022 and 2023.
- Read also:
- Read also:
Gold and dollars now
It is now down 0.50% to $2,786 an ounce.
Although it fell by 0.40% to $2776 per ounce.
On the other hand, contracts are declining to the level of 103.80 points, with 0.05%.
2024-10-31 12:40:00
#Crisis #unemployment #claims #data #released..
