22 hrs ago
US Jobless Claims Fall to 197,000 as Layoffs Remain Low
Fewer Americans asked for unemployment benefits last week.
The total was 197,000, which is a very low number.
This suggests that relatively few businesses are laying off workers.
A separate average that smooths out weekly changes also went down.
However, holidays and other seasonal patterns can make the numbers look lower than usual.
Employers are still hiring, but they are adding jobs slowly.
They added about 80,000 jobs per month on average this year.
The unemployment rate was 4.1% in August.
A jobs report coming next week is expected to show that unemployment remains low.
New US unemployment-benefit claims fell to 197,000 last week from a revised 198,000.
The four-week claims average declined to 202,250 from 204,000.
Claims remain near historic lows, though seasonal-adjustment issues may be pushing readings lower.
Employers have added an average of 80,000 jobs monthly this year, including 162,000 in August.
Forecasters expect September payrolls to rise by 52,500, with unemployment staying at 4.1%.
- Who
- Americans filing for unemployment benefits, employers, and the US Labor Department.
- What
- New unemployment claims fell to 197,000, while the four-week average declined to 202,250.
- Where
- The United States.
- When
- The claims were reported for last week; the September jobs report is due next week.
- Why
- Claims remain low as layoffs stay limited, although seasonal-adjustment issues may also be lowering the figures.
Key facts
- New claims
- 197,000 last week
- Previous claims
- 198,000, revised
- Four-week average
- 202,250, down from 204,000
- August unemployment rate
- 4.1%
- Average monthly job gains
- 80,000 so far this year
- August job gains
- 162,000
- Expected September job gains
- 52,500, according to FactSet forecasters
Quotes
Veronica Clark
Economist at Citigroup
“After having been stable over the last few months, if continuing claims remain at lower levels, this could mean an unemployment rate closer to 4% over the next few months, But we would caution that a lower unemployment rate because of a smaller labor force would not necessarily imply a retightening labor market.”
livemint.com
Sources
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