U.S. weekly jobless claims unexpectedly fall

Reuters via CNBC ^ | Thu, Jan 19 2023

[fluorescence]

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting the labor market remains tight despite higher interest rates.

Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 190,000 for the week ended Jan. 14, the Labor Department said on Thursday. Economists polled by Reuters had forecast 214,000 claims for the latest week.

Part of the surprise drop in claims likely reflected continuing challenges adjusting the data for seasonal fluctuations at the start of the year.

[snip]

The Federal Reserve’s Beige Book on Wednesday reported that “many firms hesitated to lay off employees even as demand for their goods and services slowed and planned to reduce headcount through attrition if needed.”

The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of January’s employment report.

Claims decreased between the December and January survey weeks. The economy added 223,000 jobs in January.

Data next week on the number of people receiving benefits after an initial week of aid, a proxy for hiring, will shed more light on employment growth in January. In the week ending Jan 7, the so-called continuing claims rose 17,000 to 1.647 million, the claims report showed.

[ronnie raygun]

continuing challenges adjusting the data AKA cooking the books

[steelwheels]

reuters via cnbc = tds

[ClearCase_guy]

I see a lot of stories of big layoffs at major companies. But the job market is tight and few people are seeking unemployment benefits. Seems legit.

[FES0844]

Used common core math.

[Freedom_Is_Not_Free]

People are “going Galt”, rather than working for employers.

[Vaduz]

I don’t trust any numbers from the government as long as sloppy Joe is calling the fake numbers.