US Weekly Unemployment Claims Plummet to Lowest Since September 2022

Published on January 18, 2024

Weekly jobless claims declined to their lowest levels since September 2022, signaling a tighter U.S. labor market at a time when the Federal Reserve is considering pivoting on monetary policy. The number of first-time unemployment claims fell by 16,000, to a lower-than-expected 187,000 for the week ended Jan. 13, according to new data from the Department of Labor. This represented the lowest reading since Sept. 24, 2022, and the second lowest since September 1969. Unadjusted initial claims figures, which do not insert seasonal factors into the numbers, dropped by about 30,000, to around 290,000. Continuing jobless claims, a measurement of individuals receiving unemployment benefits, tumbled for the third consecutive week, to a three-month low of 1.806 million....

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