Labor data from US is release, Fewer Americans than forecast filed applications for unemployment benefits last week, indicating the U.S. job market remains healthy and positively growth well
As reported by US Labor Department, Jobless claims fell by 4,000 to 262,000 in the week ended Aug. 13, the fewest in a month, a Labor Department report showed Thursday in Washington. The median forecast of 42 economists surveyed by Bloomberg called for 265,000.
This situation describe many things, Low firings combined with continued healthy hiring will help spur wage increases and boost the outlook for consumer spending, the biggest part of the economy, amid weak investment by companies. Businesses are holding on to existing employees to meet demand, while some are also facing a shortage of skilled workers. Boost the consumer spending in retail trade
As reported Bloomberg, “Claims continue to outperform,” said Mike Englund, chief economist at Action Economics LLC in Boulder, Colorado, who projected a decline. “Employers are reluctant to lay people off. It’s consistent with firmer household spending.”
US labor market data describe, The figure has been below the 300,000 level for 76 consecutive weeks, the longest stretch since 1970. That is typically consistent with an improving job market.
How about the exact number, The number of people continuing to receive jobless benefits rose by 15,000 to 2.175 million in the week ended Aug. 6, the highest level since April though still historically low. The unemployment rate among people eligible for benefits was 1.6 percent for a fourth straight week. These data are reported with a one-week lag.
Source : Bloomberg
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