The number of Americans applying for unemployment benefits fell to their lowest level in four months last week. Jobless claims fell by 12,000 to 219,000 for the week of Sept. 14, the Labor Department reported Thursday. That’s below analyst forecasts of 230,000 new filings.
FILE - A hiring sign is displayed at a retail store in Buffalo Grove, Ill., Friday, Sept. 6, 2024. Jobless claims slid by 12,000, to 219,000, for the week of Sept. 14, the Labor Department reported Thursday. That’s fewer than economists’ expectations for 230,000 new filings.
“The focus has now decisively shifted to the labor market, and there’s a sense that the Fed is trying to strike a better balance between jobs and inflation,” said Stephen Innes of SPI Asset Management.Nevada is joining the list of states using Medicaid to pay for more abortionsIt was the Fed’s first rate cut in four years after a series of rate hikes in 2022 and 2023 pushed the federal funds rate to a two-decade high of 5.3%.
During the first four months of 2024, applications for jobless benefits averaged just 213,000 a week before rising in May. They hit 250,000 in late July, supporting the notion that high interest rates were finally cooling a red-hot U.S. job market.Last month, the Labor Department reported that the U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported.
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