US labour market holds firm: Jobless claims fall to 216,000; layoffs stay low despite corporate cuts
Applications for unemployment aid — a key proxy for layoffs — remain at levels consistent with a healthy job market.
AP reported that job cuts disclosed by companies such as UPS and Amazon typically take longer to show up in weekly claims data.
The four-week average of claims eased by 1,000 to 223,750.For now, the US labour market appears to be in a “low-hire, low-fire” phase, keeping unemployment historically low but slowing the pace at which jobseekers find work.
The number of Americans receiving jobless benefits rose by 7,000 to 1.96 million in the week ending November 15, suggesting longer job searches.Government data last week showed hiring picked up modestly in September with employers adding 119,000 jobs, though August saw job losses.
The unemployment rate edged up to 4.4%, a four-year high, as more people re-entered the workforce.Retail sales slowed in September after three months of solid gains, while consumer confidence slipped to its second-lowest level in five years and wholesale inflation eased.
The latest figures point to cooling economic activity and waning price pressures, lifting market expectations that the Federal Reserve may cut interest rates at its next meeting on December 9–10.
