US jobless claims tick up to 199,000 but stay historically low
Summarised from 2 outlets · Updated 15 Oct, 14:02 · Archive
Initial jobless claims in the United States rose to 199,000 for the week ending October 10, remaining at historically low levels.
Initial jobless claims in the United States rose by 1,000 to 199,000 for the week ending October 10, according to the Labor Department. The four-week average of claims, which smooths out weekly volatility, rose by 250 to 198,500. Claims have remained at a historically low level below 220,000 so far this year, suggesting most companies are confident enough in the economy to retain their workforce.
The labour market shows mixed signals. While jobless claims remain low, hiring has been sluggish. Employers added just 29,000 jobs in September, down from 133,000 in August and below economist forecasts. The unemployment rate rose to 4.2% last month, though this remains low. The job market has become what economists describe as 'low-hire, low-fire'.
Economists warn that higher borrowing costs and persistent inflation caused by rising energy prices could prompt businesses to reduce their workforce. Population growth is slowing and immigration into the United States is dropping, meaning the economy requires fewer new jobs monthly to keep unemployment low. Kroger, the grocery store chain, announced plans to lay off about 3,000 corporate employees over the next three years.
How it is being reported
- The number of Americans filing for jobless aid remain at historically low levels below 200,000U.S. applications for unemployment benefits inched up last week as layoffs remain historically low and most American workers enjoy job security.Clickorlando · 15 Oct, 13:33
- The number of Americans filing for jobless aid remain at historically low levels below 200,000U.S. applications for unemployment benefits inched up last week as layoffs remain historically low and most American workers enjoy job security.News4Jax · 15 Oct, 13:33
In this story: United States · Kroger · Labor Department
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