{"id":2171103,"date":"2024-02-08T11:29:04","date_gmt":"2024-02-08T16:29:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-weekly-jobless-claims-fall-slightly-more-than-expected\/"},"modified":"2024-02-08T11:36:09","modified_gmt":"2024-02-08T16:36:09","slug":"us-weekly-jobless-claims-fall-slightly-more-than-expected","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-weekly-jobless-claims-fall-slightly-more-than-expected\/","title":{"rendered":"US weekly jobless claims decline more than anticipated"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-weekly-jobless-claims-fall-slightly-more-than-expected%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2171103&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<p><strong>February\u200d 8, 2024 \u2013 6:44 \u2062AM PST<\/strong><\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">A sign advertising job openings is seen outside of a Starbucks in Manhattan, New \u200dYork City, New\u2064 York, U.S., May 26, 2021. REUTERS\/Andrew Kelly\/File \u2063Photo<\/figcaption><\/figure>\n<p><strong>WASHINGTON (Reuters) \u2013<\/strong> The \u2063number of Americans filing new claims for unemployment benefits fell \u200dslightly more than expected last week, \u200cpointing to \u2063underlying labor market strength despite a recent surge in announced \u200clayoffs, mostly in \u200dthe technology industry.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The report from \u200bthe Labor Department on Thursday also showed unemployment rolls shrinking a bit in late January after swelling to a two-month high earlier. Labor market resilience is underpinning the economy and the latest claims\u2062 readings suggested that the\u200c strong economic momentum from the fourth quarter \u200bspillover into the new year.<\/p>\n<p>\u201cThe basic message from today\u2019s\u200c report is not only are there not\u200c enough job losses to point to a recession, there\u2064 are no significant job\u200c losses\u2064 to see at all,\u201d said Christopher Rupkey, chief economist at FWDBONDS in\u2062 New York.<\/p>\n<p>\u201cThe\u200b belt-tightening layoffs and \u2062cost-cutting talked about \u2062in \u200dmany company earnings reports is \u200cnot showing up in the weekly unemployment claims statistics.\u201d<\/p>\n<p>Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 218,000 for the week ended Feb. 3. The decline \u2063reversed the bulk of the prior week\u2019s increase, which had lifted claims to just over a two-month high.<\/p>\n<p>Economists\u2063 polled by Reuters had forecast 220,000 claims for the latest week. Claims are little changed compared to the same \u200bperiod last year. \u200bUnadjusted claims dropped 31,192 to 232,727 last week amid sharp declines in filings in \u2062California, Ohio, Oregon,\u2064 New York and Pennsylvania. The decreases in these starts partially unwound surges in the week\u200b ending Jan. 27.<\/p>\n<p>Applications\u200b in Oregon had soared in\u2064 the prior week, attributed to layoffs in \u200dthe construction and healthcare and social assistance industries. The jump in New York was blamed on layoffs in the transportation and warehousing, construction as well \u2062as healthcare and\u200b social assistance industries.<\/p>\n<p>There has been a spat of\u00a0high-profile\u00a0planned layoffs, many of them in the technology and media industries.<\/p>\n<p>But employers are \u2064generally wary of sending workers home following difficulties\u200b finding labor during \u2063and after the COVID-19\u2062 pandemic. Economists also point to rising\u00a0worker productivity, marked by growth in excess of \u2063a 3% annualized pace\u200b for three straight quarters, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenflation-causes-dollar-tree-to-raise-prices-by-25-percent-to-1-25\/\" title=\"Bidenflation Causes Dollar Tree to Raise Prices by 25 Percent to .25\">easing labor costs<\/a>\u2062 as other factors encouraging companies to retain their workforces.<\/p>\n<p>The government reported last week that\u00a0nonfarm \u2063payrolls\u00a0increased by 353,000 jobs in January.\u200d The unemployment rate was unchanged \u200cat 3.7%. Sustained labor market strength has forced financial markets to dial back expectations of the first\u2062 interest rate cut \u200bfrom the Federal Reserve to\u2062 May from March.<\/p>\n<p>U.S.\u00a0<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-expectations-under-biden-hit-highest-levels-on-record\/\" title=\"Inflation Expectations Under Biden Hit Highest Levels On Record\">central bank officials<\/a>\u00a0signaled on \u200bWednesday that they were in no rush to lower \u2063borrowing costs \u200buntil they were confident inflation was\u2062 headed down to the\u2064 Fed\u2019s 2%\u200d target. Since March 2022, the Fed has raised its policy rate by 525 basis points to \u200dthe current 5.25% to 5.50% range.<\/p>\n<p>The\u2062 number of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jobless-claims-unexpectedly-rise\/\" title=\"Jobless Claims Unexpectedly Rise\">people receiving benefits<\/a> after an initial week of aid, a proxy for hiring, decreased\u200b 23,000 to 1.871 million during the week ending Jan. 27, the claims report showed.<\/p>\n<p><sup>Reporting by Lucia Mutikani; Editing by Chizu Nomiyama<\/sup><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t<strong>Share this post!<\/strong>\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>The Latest News<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>The &#8220;Border Bill&#8221; \u2062Faces Opposition in the Senate<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Georgia Congressman \u2062Barry Loudermilk seeks transparency in the evidence provided to Fani Willis by the Democrats&#8217; J6 Committee.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Hearing\u200b on the \u2064Influence of &#8216;Zuckerbucks&#8217; on\u2062 U.S. Elections<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The House Administration Committee holds a hearing\u2064 to examine the impact \u2063of &#8216;Zuckerbucks&#8217; on \u2063U.S. elections.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Persecution of Christians Continues in America<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The Biden Administration\u200c prosecutes peaceful protesters who were \u200cpraying\u2062 and\u2063 singing hymns\u2062 outside an abortion clinic\u200b in Tennessee.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Google Offers Enhanced Reasoning Capabilities for Consumers<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Google introduces a subscription service where consumers can \u200cpay for better reasoning capabilities, competing with Microsoft.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Apple\u200c Develops Clamshell-Fold iPhones<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Apple is working\u200c on prototypes \u200dof iPhones that fold widthwise like \u200ca clamshell.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Tesla Changes Performance Review Process<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Tesla cancels biannual performance reviews and instead \u200bsends out single-line queries for each job.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Meta Platforms to Label Images from Other AI Services<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Meta Platforms plans to detect and label images generated by other companies&#8217; AI services in the coming months.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> What does the decrease in jobless \u2063claims indicate about the\u2064 current state of the labor market in the US?<\/h2>\n<p><span>  Title: Jobless Claims in the US Drop,\u2063 Indicating Resilience in Labor Market<\/p>\n<p>Date: February \u20648, 2024<\/p>\n<p>Introduction:<\/p>\n<p>The\u200d latest report\u200c from the Labor Department reveals a positive development in \u2062the\u200d US labor market, with a decrease in \u200bjobless claims. Despite recent \u2064layoffs in the technology industry, the drop in unemployment claims \u2064suggests underlying strength in the labor market. This\u2063 article examines the implications \u2064of this trend and highlights the factors contributing to the resilience\u2063 of the US\u2063 economy.<\/p>\n<p>Labor Market\u200b Strength:<\/p>\n<p>The decrease in new \u200dclaims for unemployment benefits demonstrates the \u2063underlying strength of the labor market\u200c in the US. Despite concerns about \u200bjob losses in the technology industry, \u200cthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wealthy-host-of-the-view-says-inflation-is-just-a-republican-talking-point\/\" title=\"Wealthy Host Of \u2018The View\u2019 Says Inflation Is Just A Republican Talking Point\">latest data suggests<\/a> that the economy continues\u200c to show\u2063 strong momentum \u200bfrom the previous quarter, spilling over into the new year. Notably, there is \u2062no significant evidence of job losses\u200d to suggest \u2064a recession.<\/p>\n<p>Unemployment \u200cRolls:<\/p>\n<p>In addition to\u2062 the decrease in jobless\u2064 claims, the report also\u200d indicates a shrinking of unemployment rolls in \u2062late January. \u2064After reaching a two-month high, the decline \u200cin \u200cunemployment\u2064 rolls reflects the resilience\u200c of \u2063the labor \u2062market. These trends are essential \u200bfor sustaining economic growth in the US.<\/p>\n<p>Industry-Specific Layoffs:<\/p>\n<p>While there have been high-profile layoffs\u2064 in\u200b sectors like \u200dtechnology \u200band media, employers remain cautious about sending workers home due \u200bto difficulties in finding labor \u200bduring and after \u200cthe \u200bCOVID-19 pandemic. Factors such as rising worker productivity and easing \u200clabor costs encourage companies to retain\u2063 their workforces.<\/p>\n<p>Economic Forecasts:<\/p>\n<p>The sustained strength of the labor market has led to a revision in financial market expectations regarding the\u200b timing \u200bof the first interest rate cut by the Federal Reserve. With nonfarm payrolls increasing by 353,000 jobs in January and the unemployment rate stable at 3.7%, financial markets now anticipate a\u200b rate cut in May rather than March. Central bank officials have also indicated that they\u200d will lower borrowing costs once they are confident inflation will hit the targeted 2% level.<\/p>\n<p>Conclusion:<\/p>\n<p>The recent drop\u200d in jobless claims attests to the \u2064resilience of the labor market in the US. Despite announcements\u200d of layoffs in \u200dspecific\u200c industries, the\u2064 overall economy shows signs\u2063 of strength. The sustained \u2062momentum from \u2063the previous quarter, coupled with high worker productivity and easing \u200dlabor \u2063costs, \u2064encourages companies to retain\u200d their workforce. This positive \u200ddevelopment bodes well\u2062 for the\u2062 US economy&#8217;s future \u2063stability and \u200cgrowth prospects.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On February 8, 2024, at 6:44 AM PST, a job openings sign is spotted outside a Starbucks in Manhattan, New York City. The number of Americans filing new unemployment claims decreased more than anticipated, indicating a positive trend<\/p>\n","protected":false},"author":1911,"featured_media":2171104,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/02\/CX6IWAOHOROXHEXUW3KOZFMON4.webp","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2171103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/02\/CX6IWAOHOROXHEXUW3KOZFMON4.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2171103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2171103"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2171103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2171104"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2171103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2171103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2171103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}