Weekly Jobless Claims , Drop to Lowest Level Since , September 2022.
CNBC reports that the labor market has started
2024 with surprising resiliency, posting an
unexpected drop in initial jobless claims.
For the week ending January 13, initial filings
for unemployment insurance totaled 187,000,
the lowest amount since September of 2022.
According to the latest Labor Department data,
the total marked a 16,000 decline from the week
before and came in under Dow Jones estimates.
The labor market has remained resilient despite
the Federal Reserve's attempts to slow the
economy with an interest rate-hiking campaign.
Not only did weekly claims drop, but continuing
claims also saw a surprising decrease of
26,000, bringing the total down to 1.806 million. .
Employers may be adding fewer
workers monthly, but they are
holding onto the ones they have
and paying higher wages given
the competitive labor market, Robert Frick, corporate economist
at Navy Federal Credit Union, via CNBC.
Another report, released on January 18, showed
the housing market improving with building
permits increasing by 1.9% to a total of 1.495 million.
CNBC reports that the news comes one day
after the Fed released its periodic summary
of economic conditions, which detailed mostly
stagnant activity since late November.
The central bank's 'Beige Book' report
noted signs of a "cooling labor market"
with lower wage pressures. .
The central bank's 'Beige Book' report
noted signs of a "cooling labor market"
with lower wage pressures. .
The report also highlighted the impact of higher rates on
the housing market, which could improve in the future
if the Fed decides to ease its efforts to tame inflation.