In the US, new claims for unemployment insurance fell last week. The decline was the largest in five weeks. Against the backdrop of a robust economy, a situation emerges that employers are reluctant to cut jobs.
Key points U.S. initial unemployment claims in the week ending Aug. 12 fell 11,000 to 239,000 The median economist forecast was 240,000 compared to 250,000 in the week before
The number of continuing unemployment insurance beneficiaries increased to 1.72 million in the week ending 5 August. 1.68 million last week.
Upper row: new unemployment insurance applications, lower row: number of continuous recipients
Source: US Department of Labor
The labor market remains strong despite the impact of higher borrowing costs in various sectors. Some employers have started hiring less, but many are reluctant to cut jobs. The experience of being plagued by a shortage of human resources during the pandemic of the new coronavirus (global pandemic) has had an impact.
New application data is particularly volatile at this time of year, as automakers shut down operations to replace equipment each year. The four-week moving average of less volatile unemployment claims rose to 234,250.
The number of applications before seasonal adjustment decreased to 212,850. By state, California, Texas and Michigan experienced significant declines, while Virginia saw an increase.
See table for detailed statistics.
Original title:US Jobless Claims Decline in Sign of Resilient Labor Market(excerpt)
2023-08-17 13:27:49
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