Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Sunday, September 1, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Weekly jobless claims fall to 233,000, less than expected, in a positive sign for labor market

August 9, 2024
in News
Reading Time: 2 mins read
A A
Weekly jobless claims fall to 233,000, less than expected, in a positive sign for labor market
0
SHARES
ShareShareShareShareShare

READ ALSO

China stock market turnaround hinges on stimulus: KraneShares CIO

Here’s when it makes sense to buy vs. rent

Weekly jobless claims fall to 233,000, less than expected, in a positive sign for labor market

Initial claims for unemployment insurance totaled less than expected last week, countering other signs that the labor market is weakening.

First-time filings for jobless benefits came to a seasonally adjusted 233,000 for the week, a decline of 17,000 from the previous week’s upwardly revised level and lower than the Dow Jones estimate for 240,000, the Labor Department said Thursday.

The report comes with Wall Street on edge amid signs that job growth is slowing and even signaling a potential recession on the horizon. Stock market futures, which had been negative earlier, turned sharply positive following the 8:30 a.m. ET release while Treasury yields held higher.

While the top-line number helped allay some fears, the level of continuing claims, which run a week behind, edged up to 1.875 million, the highest since Nov. 27, 2021.

Jobless claims have been trending higher for much of the year, though still remain relatively tame. The recent uptick has been attributed to disruptions from Hurricane Beryl as well as summer shutdowns at auto plants. Michigan and Texas reported the two biggest declines on the week, down 7,401 and 4,814 respectively, according to unadjusted numbers.

The four-week average rose to 240,750, the highest in nearly a year. In the previous week, claims had jumped by 14,000, adding to worries that layoffs are on the rise.

“Claims pulled back in the latest week, adding to evidence that weather and seasonal auto plant shutdowns were responsible for the previous week’s dramatic rise,” said Robert Frick, corporate economist at Navy Federal Credit Union. “If you’re looking for additional weakness in the labor market, you’ll need to find it somewhere else.”

Concerns escalated over the state of the labor market following last Friday’s nonfarm payrolls report, which showed an increase of just 114,000 in July. At the same time, the unemployment rate rose to 4.3%, triggering the so-called Sahm Rule that gauges recessions by measuring changes in the jobless rate.

Markets have been highly volatile since then, with a huge three-day sell-off starting last Thursday that ignited worries of deeper troubles in the U.S. economy.

In turn, traders expect the Federal Reserve to begin cutting interest rates in September, with some even calling for an emergency intermeeting reduction to counter the recent weakness. Markets are assigning a strong probability of a half percentage point reduction for the first move and a full percentage point cut by the end of the year, according to the CME Group’s FedWatch tracker of fed funds futures contracts.

Don’t miss these insights from CNBC PRO

Credit: Source link

ShareTweetSendSharePin
Previous Post

JPMorgan Chase rolls out AI assistant powered by ChatGPT-maker OpenAI

Next Post

Yankees’ series opener with Rangers rained out in the Bronx

Related Posts

China stock market turnaround hinges on stimulus: KraneShares CIO
News

China stock market turnaround hinges on stimulus: KraneShares CIO

August 31, 2024
Here’s when it makes sense to buy vs. rent
News

Here’s when it makes sense to buy vs. rent

August 31, 2024
Amazon checkout process hits technical snag during Labor Day sale
News

Amazon checkout process hits technical snag during Labor Day sale

August 31, 2024
Warren Buffett leads Berkshire Hathaway to new heights at age 94
News

Warren Buffett leads Berkshire Hathaway to new heights at age 94

August 30, 2024
Harvard-trained psychologist phrases healthy couples don’t say
News

Harvard-trained psychologist phrases healthy couples don’t say

August 30, 2024
Intel working with bankers to present board with strategic options
News

Intel working with bankers to present board with strategic options

August 30, 2024
Next Post
Yankees’ series opener with Rangers rained out in the Bronx

Yankees' series opener with Rangers rained out in the Bronx

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

‘More restrictive policy’ may still be needed

‘More restrictive policy’ may still be needed

August 23, 2024
Gen Z tackles frustrating job market

Gen Z tackles frustrating job market

August 28, 2024
Goldman Sachs cuts odds of U.S. recession to 20% on fresh data

Goldman Sachs cuts odds of U.S. recession to 20% on fresh data

August 19, 2024
Coca-Cola will pay IRS  billion in back taxes

Coca-Cola will pay IRS $6 billion in back taxes

August 4, 2024
Patrick Mahomes credits Taylor Swift for Travis Kelce’s new hair style

Patrick Mahomes credits Taylor Swift for Travis Kelce’s new hair style

August 14, 2024
What’s likely to move the market in the next trading session

What’s likely to move the market in the next trading session

August 13, 2024
What author Stephanie Kiser learned as a nanny for the ultra-rich

What author Stephanie Kiser learned as a nanny for the ultra-rich

August 24, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Picks for Offensive, Defensive POY
  • NHL star Johnny Gaudreau’s wife honors brother-in-law Matthew after siblings were killed by alleged drunk driver
  • South Carolina basketball star Ashlyn Watkins charged with assault and kidnapping
  • Daniil Medvedev scores impressive straight-sets win to reach US Open fourth round

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In