US jobless claims rise after 5 consecutive weeks of decline
WASHINGTON, September 22, 2022 (Xinhua) The first jobless claims in the United States increased last week after falling for 5 consecutive weeks, the Department of Labor said Thursday.
In the week ending September 17, the number of Americans paying unemployment benefits increased by 5,000, bringing the total number of applicants to 213,000, according to a report from the Department of Labor’s Department of Labor Statistics.
The report showed that the four-week moving average of initial jobless claims, a way to smooth out the volatility of the data, dropped 6,000 to 216,750.
The latest reports also showed that the number of those continuing to receive regular unemployment benefits from the state, which was registered after a week, fell by 22,000, to 1.38 million during the week ending September 10.
Meanwhile, the number of job vacancies in the United States rose to 11.2 million by the end of July, with supply-demand imbalance remaining in the job market, the States Department of Labor previously said. United. As job opportunities increased, there were about two jobs for each worker.
With the US Federal Reserve stepping up its efforts to combat rising inflation, a strong job market is likely to take a bad turn.
On the other hand, the Federal Reserve’s latest quarterly forecast showed that the average unemployment forecast will reach 4.4 percent by the end of 2023, an upward revision of 0.5 percentage points since June.
He also explained that the average GDP growth forecast for this year is 0.2 percent, a further drop from June when expectations hit 1.7 percent, indicating a lack of confidence. in the economic outlook.
Federal Reserve Chairman Jerome Powell said in a press conference Wednesday afternoon that “the reduction in inflation is likely to require a sustained period of below-trend growth, and there is also likely to be some easing in market conditions. job market”. “I hope there is a painless way to achieve this. But there isn’t.”
He also recognized that restoring price stability with a relative increase in unemployment rates and a slight decline would be a “great challenge”.
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