U.S. weekly jobless claims total 1 million, as expected
At the same time, economists note that the recovery of the labor market is slowing down
US jobless claims fell below 1 million last week for the second time since the COVID-19 pandemic, but this does not signal a strong recovery in the labor market..
The drop in filings to the five-month low that the Labor Department reported on Thursday largely reflects a change in the methodology used for seasonally adjusted adjustments..
Last week, the number of initial jobless claims fell 130,000 to 881,000 on a seasonally adjusted basis. Economists surveyed by Reuters predicted 950,000 applications.
Unadjusted, filings rose by 7,591 to 833,352. The increase in unadjusted numbers, which many economists choose to focus on, reinforce fears that labor market recovery is slowing..
The Federal Reserve on Wednesday reported an increase in employment, but noted that it has slowed in some counties, and recruitment volatility, especially in the service sector, has increased..
Another report released on Thursday showed job losses increased in August amid layoffs at airlines.. United Airlines said Wednesday it is preparing to lay off 16,370 workers from October 1.
Wall Street shares opened lower on Thursday. The dollar is stable against a basket of currencies. Treasury Bond Prices Rise.
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