Labor market tightening; layoffs lowest in nearly 30 years
S E E D E D C O N T E N T
WASHINGTON, Dec 2 (Reuters) - The number of Americans filing new claims for unemployment benefits increased less than expected last week, pointing to tightening labor market conditions, while layoffs tumbled to the lowest level in 28-1/2 years in November.
The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy's health, also showed jobless benefits rolls falling below 2 million for the first time since the COVID-19 pandemic started in the United States nearly two years ago.
The upbeat news on the labor market added to strong consumer spending and manufacturing data in suggesting that the economy was accelerating after hitting a speed bump in the third quarter. The Omicron variant of the coronavirus, however, poses a risk to the brightening picture.
Federal Reserve Chair Jerome Powell in a nod to the strengthening economy told lawmakers this week that the U.S. central bank should consider accelerating the pace of winding down its bond purchases at its Dec. 14-15 policy meeting.
"Companies are not laying off workers like they did during the recession," said Christopher Rupkey, chief economist at FWDBONDS in New York. "Powell was right to hint the Fed might speed up the tapering process because a tight labor market means increasing wage demands will stoke the fires of inflation."
Initial claims …
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Some will see the good, some the bad and others the ugly ... it's an eyes wide shut syndrome.
Talk to me after the holidays to see if this has legs or is just a typical seasonal spike. Until then i see what there is to see.
Higher costs across the board and rising inflation.
I see what there is to see also but that always comes with the caveat of seeing what one wants to see. Despite all the photos of empty shelves they're all full in every store I enter and every cash register is ringing jolly kachings.
Nah, last thing i want to see is higher costs, higher inflation.
Guess i don't understand why anyone would .....
Gas came down about 20 cents just in the last week in my area
Gas was down about 6 cents here.
Thats nice.
What was it this time last year? Or the year before that?
I don't remember....I've slept since then
Me too and every time I awake it is still Tuesday.
Well wakey, wakey .... eggs and bacie
No eggs and bacie till I've taken my meds. Got coffee?
Black Rifle Beyond Black Dark roast or Donut shop regular ..... your choice
Layoffs are down of course, businesses can't find employees to fill their empty positions, why would they want to create more empty positions?
Fits right in with the UE claims being down as well.. Unemployed people right now, don't want to work...