Jobless Claims At Lowest Level Since January
To quote what should be a country song title,”It Ain’t Good But It Ain’t Bad.” There is a decline in jobless claims, which shows that companies are cutting fewer workers which, combined with household goods prices staying low, points to stability.
“Claims are not yet low enough to indicate rising payrolls, but they certainly suggest” that net job cuts will be lower in October than last month, Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a note to clients.
The tally of people continuing to claim benefits dropped by 75,000 to 5.99 million, its first time below 6 million since the week of March 28. Continuing claims data lags initial claims by a week.
Many economists expect that job losses will fall below 200,000 in October from 263,000 in September. That’s still a large amount, but would be the lowest total since August 2008.Click here for reuse options!
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