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US Initial Jobless Claims Fall to 197,000, Lowest Since July
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The number of Americans filing new applications for unemployment benefits fell to 197,000 in the week ending September 19, the lowest level since July and among the lowest readings since 1969, according to Labor Department data reported by Zhitong Finance. The decline of 1,000 from the prior week indicates that layoffs remain rare in a broadly stable labor market. Continuing claims, a proxy for the number of people receiving benefits, held steady at 1.72 million in the week ending September 12, near the lowest level since 2023. The four-week moving average of new claims, which smooths volatility, fell to 202,250, a six-week low. Economist Eliza Winger commented that mid-September jobless claims remain 'unusually low,' pointing to stable labor market conditions, and noted that the few sectors conducting layoffs appear focused on efficiency improvements rather than interest rate pressures. However, unadjusted claims rose, driven by increases in California, Hawaii, and New York.
Source report
September 19, 2024
The number of Americans filing for unemployment benefits dropped to its lowest level since July, signaling that layoffs remain rare in a broadly stable labor market, according to data released Thursday by the Labor Department.
Key Data Points
- Initial jobless claims for the week ending September 19 fell by 1,000 to 197,000 — one of the lowest readings since 1969.
- Continuing claims, a proxy for the number of people receiving benefits, were largely unchanged at 1.72 million for the week ending September 12, hovering near their lowest level since 2023.
Broader Trends
Over the past several months, initial jobless claims have remained near historic lows, as employers have been reluctant to lay off workers. At the same time, hiring has been uneven, offering limited opportunities for Americans who feel stuck in their current roles or remain on the margins of the labor market.
The four-week moving average of new claims — a metric that helps smooth out weekly volatility — fell to 202,250, a six-week low.
Regional Variations
On an unadjusted basis, initial claims rose, driven by increases in California, Hawaii, and New York.
Expert Commentary
"Mid-September initial jobless claims remain exceptionally low, pointing to stable labor market conditions. The few industries that are cutting jobs appear to be focused on efficiency improvements, and we have yet to see signs that rising interest rates are driving layoffs — even in the most rate-sensitive sectors of the economy."
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— Eliza Winger, Economist
Source
智通财经Neutral / independent