U.S. initial jobless claims fell more than expected last week
BNN Bloomberg
Applications for U.S. state unemployment benefits retreated last week to the lowest in a month in a broad-based decline, pointing to ongoing improvement in the labor market.
Applications for U.S. state unemployment benefits retreated last week to the lowest in a month in a broad-based decline, pointing to ongoing improvement in the labor market.
Initial unemployment claims in regular state programs totaled 326,000 in the week ended Oct. 2, a decrease of 38,000 from the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a decrease to 348,000 applications.
Continuing claims for state benefits fell to 2.7 million in the week ended Sept. 25.
Layoffs have eased amid an improving economy, with employers now focused on hiring and retaining workers. And while the U.S. continues to recover jobs lost at the start of the pandemic, the massive snapback in demand has outpaced businesses’ ability to hire and strained already-jammed supply chains.
That’s led to production slowdowns and even temporary layoffs at some firms, fueling additional churn in the weekly initial claims figures.
Stocks opened higher, while the yield on the 10-year Treasury advanced and the dollar was little changed.
