US applications for jobless benefits fall to 213,000, remaining near 7-month lows
US applications for jobless benefits fall to 213,000, remaining near 7-month lows
Summary
U.S. jobless claims dropped to 213,000 last week, near seven-month lows, but continuing claims rose to 1.91 million, the highest in three years, showing some workers are struggling to find jobs.
Layoffs remain low, but slower hiring suggests weakening labor demand.
The Federal Reserve, focusing on jobs over inflation, has cut interest rates multiple times this year.
Inflation is nearing the Fed’s 2% target, but recent job growth has slowed, with October adding just 12,000 jobs amid strikes and other disruptions.
Also, according to government statistics, the inflation rate crept back up from 2.4% to 2.6%. Which means we could very well end up in a stagflation type environment.