Last week, unemployment claims were stable

The Labor Department announced on Thursday that the number of Americans submitting their first applications for jobless benefits remained basically steady last week.

The figure, at 217,000, was 1,000 less than the corrected 218,000 from the previous week.

The Labor Department announced on Thursday that the number of Americans submitting their first applications for jobless benefits remained basically steady last week.

The figure, at 217,000, was 1,000 less than the corrected 218,000 from the previous week.

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The figure comes after a private payroll services company ADP’s monthly poll on Wednesday, which revealed 239,000 new jobs were created in October. Additionally, it occurs the day before the Labor Department’s monthly employment report, which is anticipated to reveal 190,000 jobs were added in October after a 263,000 gain in September.

Even though there has been some softening since the beginning of the year, the employment market is still tight. The government said on Tuesday that there were 10.7 million job opportunities at the end of September, an increase of 1 million from expectations.

The labor market is still “out of balance,” according to Federal Reserve Chairman Jerome Powell, who also gave an explanation of why the central bank would need to raise interest rates more than the 75 basis points it approved this week.

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Private observers, however, claim that the job market may be weakening more than certain government figures indicate.

Although private sector wage growth slowed by 0.5 percentage points to 5.2% year over year, Fed Chair Powell stated that the “broader picture is that of an overheated labor market where demand exceeds supply” and where there isn’t any clear cooling of the labor market.

In contrast, Daco continued, “our talks with CEOs across a broad variety of industries indicate an anticipated softening of labor market dynamics with planned cuts on recruiting, strategic layoffs, and attrition as a recipe to right-size talent pools.” Thus, a negative monthly nonfarm payrolls figure before the end of the year wouldn’t surprise us.

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