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Jobless Claims Tick Up, Layoffs Remain Low
Jobless claims rise slightly, but remain low; Fed cuts interest rates amid cooling inflation.
English
United States
EconomyUs PoliticsLabour MarketInflationInterest RatesFederal ReserveUnemployment
Labor DepartmentFederal Reserve
Jerome Powell
- What is the current status of continuing claims for unemployment benefits?
- Continuing claims, which reflect the total number of people receiving unemployment benefits, increased to 1.89 million, the highest since late 2021. This increase may reflect a combination of factors, including seasonal fluctuations and economic shifts.
- What is the current state of inflation, and how is the Federal Reserve responding?
- Inflation has significantly decreased, nearing the Federal Reserve's 2% target, causing the Fed to cut interest rates to support the economy and avoid recession. The lower inflation rate suggests economic conditions are improving.
- How has the Federal Reserve responded to recent economic data, and what are their goals?
- The Federal Reserve recently cut interest rates to support the job market and avoid a recession, a shift from its previous focus on inflation control. This is part of a strategy to manage inflation without causing economic downturn.
- What was the recent job growth in the US economy, and what are some explanations for this figure?
- The US economy added only 12,000 jobs in October, a low number that some economists attribute to recent strikes and hurricanes. However, this slower job growth is viewed in the context of the ongoing Federal Reserve efforts to cool down the economy.
- What was the change in jobless claims last week, and what does this indicate about the labor market?
- Jobless claims rose slightly last week to 221,000, but remain near historic lows. The four-week average also decreased, suggesting the labor market is still strong despite recent economic adjustments.