por admin » Jue Dic 22, 2022 10:28 am
U.S. Jobless Claims Hold at Low Levels, Economic Growth Revised Higher
New unemployment claims rose slightly last week, while the U.S. economy expanded 3.2% in third quarter
David Harrison
Updated Dec. 22, 2022 at 9:17 am ET
The U.S. labor market remains historically tight and resilient consumer spending propelled stronger economic growth this summer than previously estimated.
Initial jobless claims, a proxy for layoffs, increased by 2,000 to a seasonally adjusted 216,000 in the week ended Dec. 17, the Labor Department said Thursday. Claims have risen from the spring but remain low, suggesting that employers are holding on to workers despite concerns about an economic slowdown.
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In a separate report released Thursday, the Commerce Department revised its estimate for third-quarter economic growth to a seasonally adjusted annual rate of 3.2%, up from an earlier estimate of 2.9%. Stronger consumer spending, which rose at a 2.3% pace in the quarter versus an earlier estimate of 1.7%, drove much of the upward revision, the department said. Nonresidential fixed investment, which includes spending on buildings and equipment, also rose more strongly than previously estimated.
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The unemployment claims number last week was below the 2019 weekly average of 218,000, when the labor market was also very strong. The four-week moving average of weekly claims, which smooths out volatility, decreased last week by 6,250 to a seasonally adjusted 221,750.Continuing claims, which reflect the number of people seeking ongoing unemployment benefits, moved down by 6,000 to 1,672,000 in the week ended Dec. 10. Continuing claims, while still low, have slowly climbed since mid-September. That could be a sign that some unemployed people are taking longer to find new jobs.
Some big companies have announced layoffs in recent months as they grapple with the prospect of an economic slowdown and higher interest rates.
Goldman Sachs Group Inc. is planning to lay off thousands of workers, The Wall Street Journal reported, after hiring aggressively in 2020 and 2021. Several technology companies such as Amazon.com Inc., Meta Platforms Inc., Lyft Inc. and Stripe Inc. have all announced job reductions in recent weeks.
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Other industries are also cutting back. Walmart Inc., PepsiCo Inc. and Ford Motor Co. have all recently announced layoffs.
So far, layoffs haven’t led to a sharp rise in jobless claims numbers. Some of those recently laid off may not have filed an unemployment claim because they found new jobs relatively quickly. The number of available jobs in recent months continued to exceed the number of unemployed Americans seeking work.
Employers added 263,000 jobs in November, down slightly from the previous three months when they averaged 282,000 a month, the Labor Department said. Job growth has slowed from the first half of the year, a sign that employers are growing more cautious in an uncertain economic environment.
Employers are taking their time making job offers, said Greg Sulentic, owner and president of Express Employment Professionals, a staffing agency in Lincoln, Neb. That is a change from last year, when they were desperate to fill openings, he said.
“There is still a great deal of need for clients to hire but they are a little more selective, a little slower to bring candidates in,” he said.
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