2023-08-03 12:48:00
U.S. jobless claims rise modestly, layoffs fall to 11-month low
2023-08-03 20:48:00 Source: Financial circles share to:
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Initial jobless claims rose slightly last week as labor market conditions remained tight, while layoffs fell to an 11-month low in July. Since March 2022, the labor market has largely weathered the Fed’s 525 basis point hikes. Initial claims this year are at the lower end of the range of 194,000 to 265,000, partly because it is difficult to adjust the data for seasonal patterns.
Automakers typically shut factories down in July to reassemble new models, but those temporary shutdowns don’t always happen at the same time, which might skew the models the government uses to strip out seasonal fluctuations from the data. Still, the overall labor market has remained solid as employers have hoarded workers as they struggled to find labor during the pandemic. A stronger labor market and subdued inflation have fueled more optimism that the economy will avoid a recession.
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