Current:Home > Contact-usUS applications for jobless benefits inch higher but remain at historically healthy levels-Angel Dreamer Wealth Society D1 Reviews & Insights
US applications for jobless benefits inch higher but remain at historically healthy levels
View Date:2024-12-23 19:27:52
The number of Americans applying for jobless benefits inched up last week but remains low by historical standards, even with the Federal Reserve’s aggressive interest rate hikes meant to cool the economy and taper lingering inflation.
Unemployment claims rose by 5,000 to 217,000 for the week ending Oct. 28, the Labor Department reported Thursday.
Jobless claim applications are seen as representative of the number of layoffs in a given week.
The four-week moving average of claims, which quiets some of the week-to-week ups and downs, ticked up by 2,000 to 210,000.
Overall, 1.82 million people were collecting unemployment benefits the week that ended Oct. 21, about 35,000 more than the previous week and the most since April.
Those “continuing claims,” analyst suggest, continue to rise because many of those who are already unemployed may now be having a harder time finding new work.
Still, the American labor market continues to show resiliency in the midst of the Federal Reserve’s effort to get inflation back down to its 2% target.
Though Fed officials opted to leave the benchmark rate alone on Wednesday, the U.S. central bank has raised rates 11 times since March of 2022 in an effort to tame inflation, which reached a four-decade high in 2022. Part of the Fed’s goal is too cool the economy and labor market, which in turn would slow price growth.
In September, consumer prices were up 3.7% from a year earlier, down from a peak 9.1% in June last year. However, U.S. economic growth surged in the July-September quarter on the back of robust consumer spending.
The Labor Department reported earlier this week that employers posted 9.6 million job openings in September, up from 9.5 million in August. Layoffs fell to 1.5 million from 1.7 million.
The U.S. economy added 336,000 jobs in September, raising the average gain for each of the past three months to a robust 266,000. Though the unemployment rate rose from 3.5% to 3.8%, that’s mostly because about 736,000 people resumed their search for employment. Only people who are actively looking for a job are counted as unemployed.
The government issues its October jobs report on Friday.
veryGood! (8)
Related
- Climate Advocacy Groups Say They’re Ready for Trump 2.0
- How Google's huge defeat in antitrust case could change how you search the internet
- One Extraordinary (Olympic) Photo: Lee Jin-man captures diver at the center of the Olympic rings
- Is this a correction or a recession? What to know amid the international market plunge
- Advocates Expect Maryland to Drive Climate Action When Trump Returns to Washington
- A guide to fire, water, earth and air signs: Understanding the Zodiac elements
- Louisiana AG asks court to dismiss lawsuit against new Ten Commandments law
- Alabama to move forward with nitrogen gas execution in September after lawsuit settlement
- Sam LaPorta injury update: Lions TE injures shoulder, 'might miss' Week 11
- Teresa Giudice Explains Her Shocking Reaction to Jackie Goldschneider Bombshell During RHONJ Finale
Ranking
- Missouri prosecutor says he won’t charge Nelly after an August drug arrest
- US female athletes dominating Paris Olympics. We have Title IX to thank
- Gabby Thomas leads trio of Americans advancing to 200 track final at Paris Olympics
- Chappell Roan may have made history at Lollapalooza with 'biggest set of all time'
- Disney Store's Black Friday Sale Just Started: Save an Extra 20% When You Shop Early
- Olympics surfing winners today: Who won medals Monday in the 2024 Paris Games in Tahiti?
- Machine Gun Kelly Shares He's One Year Sober After Going to Rehab
- Creating NCAA women's basketball tournament revenue unit distribution on board agenda
Recommendation
-
Does the NFL have a special teams bias when hiring head coaches? History indicates it does
-
RHODubai: Why Miserable Caroline Stanbury Was Called Out During Cast Healing Trip
-
Ferguson thrust them into activism. Now, Cori Bush and Wesley Bell battle for a congressional seat
-
The final image of Simone Biles at the Olympics was a symbol of joy — and where the sport is going
-
New Orleans marks with parade the 64th anniversary of 4 little girls integrating city schools
-
Stock market recap: Wall Street hammered amid plunging global markets
-
TikToker David Allen, Known as ToTouchAnEmu, Mourns Death of 5-Week-Old Baby Girl
-
Save 75% on Lands' End, 70% on Kate Spade, 60% on Beyond Yoga, 60% on Wayfair & Today's Best Deals