Noha Makram – Live – The number of Americans filing for initial unemployment benefits rose slightly last week, while layoffs declined in September, indicating continued tightness in the labor market.
Initial unemployment benefits rose by two thousand claims to a seasonally adjusted 207,000 during the week ending September 30, according to what the Labor Department announced on Thursday, and economists in a Reuters poll expected unemployment benefits to reach 210,000.
Reuters explained that unemployment benefits rose this month because the UAW strike has now entered its third week, as supply chain restrictions have prompted factories to temporarily lay off more non-striking workers.
The American labor market is gradually relaxing, although conditions remain tight. The government announced, the day before yesterday, Tuesday, that there were 1.51 job opportunities for every unemployed person in August, and that job vacancies increased by the largest amount in two years.
Markets are awaiting non-farm payrolls data, scheduled to be released tomorrow, Friday. Economists in a Reuters survey expect non-farm payrolls to rise by 170,000 last month after rising by 187,000 in August.
The unemployment rate is also expected to decline to 3.7% from 3.8% in August.
2023-10-05 15:05:42
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