Initial jobless claims fell below 300,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department said Thursday.
Also, continuing claims, which run a week behind the headline number, fell by 134,000 to 2.59 million, another pandemic-era low. Excluding food and energy, the core PPI rose just 0.1% versus the 0.5% forecast, putting the 12-month gain at 5.9%, the highest level since March 1982. The drop in claims comes at an important time for the labor market, which has added jobs over the past two months at a decidedly slower-than-expected pace – 366,000 in August and 194,000 in September, leaving the household employment total still more than 5 million shy of where it was pre-pandemic.
One big concern now for the Fed is rising inflation, and Thursday's data showed continuing but concentrated pressures.
People have jobs, just not the ones that they used to have.
Foreclosures are up
The unemployment rate is 4.8% and jobless claims drop. There is, literally, no one to hire. 700,000 covid deaths and anti-immigrant policy comes into focus.
this is terrible news
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