WASHINGTON, Sept 17 (Reuters) – The number of Americans filing claims for unemployment benefits unexpectedly fell last week, but the decline likely \u200coverstates the health of the labor market. <\/p>\n
Initial claims for state unemployment \u200cbenefits dropped 10,000 to a seasonally adjusted 196,000 for the week ended September 12, the \u200bLabor Department said on Thursday. Economists polled by Reuters had forecast 208,000 claims for the latest week. The surprise drop likely reflected volatility around last week’s Labor Day holiday. Claims are difficult to adjust for seasonal fluctuations around moving \u200cpublic holidays. <\/p>\n
The underlying trend remained \u2060consistent with a labor market that has regained its poise after wobbling through much of summer. <\/p>\n
The Federal Reserve on \u2060Wednesday raised interest rates for the first time since July 2023 and flagged further increases in borrowing costs in the months ahead. Fed Chairman Kevin Warsh \u200bsingled out \u200bthe labor market as “one basic sign \u200bof strength,” adding that policymakers \u200cbelieved “that the unemployment rate is basically running consistent with full employment.” <\/p>\n
The Fed’s overnight benchmark interest rate was raised by a quarter of a percentage point to the 3.75%-4.00% range. <\/p>\n
The claims data covered the week during which the government surveyed employers for the nonfarm payrolls component of September’s employment report. Nonfarm \u200cpayrolls increased by 162,000 jobs in August \u200bafter job growth slowed sharply in the prior \u200bthree months. <\/p>\n
The claims report showed \u200bthe number of people receiving unemployment benefits after an \u200cinitial week of aid, a proxy \u200bfor hiring, dropped 39,000 \u200bto a seasonally adjusted 1.730 million during the week ended September 5. <\/p>\n
Labor market stability is mostly from low layoffs. Economists say businesses \u200bremain hesitant to boost \u200chiring in the face of headwinds, including the U.S.-Israeli war with \u200bIran, which is driving up oil prices and stoking inflation. <\/p>\n
(Reporting by \u200bLucia Mutikani; Editing by Chizu Nomiyama) <\/p>\n","protected":false},"excerpt":{"rendered":"
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