US weekly jobless claims increase slightly; Sustained market strength despite slowing GDP

CNBC ^ | 08/29/2019

[SeekAndFind]

The number of Americans filing applications for unemployment benefits rose moderately, pointing to sustained labor market strength despite slowing economic growth.

Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 215,000 for the week ended Aug. 24, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 more applications received than previously reported.

Last week’s increase in claims was in line with economists’ expectations. The Labor Department said only claims for the Virgin Islands were estimated last week.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, slipped 500 to 214,500 last week.

Layoffs have remained low despite a protracted trade war between the United States and China, which is crimping economic growth by undercutting business investment and manufacturing.

But the pace of job growth has been slowing since 2018. The government estimated last week that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade.

Still, the pace of employment gains remains well above the roughly 100,000 jobs needed per month to keep up with growth in the working-age population. Sustained labor market strength is supporting the economy through strong consumer spending.

[Red Badger]

There's "NOW HIRING!" signs all over the place! .......... 😁 If you ain't got a job, you don't want a job!... ...........😒

[JBW1949]

The Lame Stream Media strives to word stories critical even though things are going smoothly...

[gibsonguy]

CNBC, just another Rat tool.

[kempster]

OMG, the sky is falling!

[TBP]

Ups and downs in these numbers are normal. The trend line continues to move in the right direction.