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Jobless claims unexpectedly drop to lowest level in 5 months
Fed wants millions of Americans to lose jobs as it fights inflation: Fitz-Gerald
The Fitz-Gerald Group principal Keith Fitz-Gerald and Sarge986 president Stephen Guilfoyle discuss the stock markets volatile reaction to the Fed’s rate hike on ‘The Claman Countdown.’
The number of Americans filing first-time unemployment benefits unexpectedly dropped to a five-month low last week, a sign the labor market remains extremely tight despite the Federal Reserve's efforts to cool it down.
Figures released Thursday by the Labor Department show applications for the week ended Sept. 24 fell to 193,000 from the downwardly revised 209,000 recorded a week earlier. That is also below the 2019 pre-pandemic average of 218,000 claims.
Thursday's data marked the lowest level in applications for unemployment insurance since April and is the first time since early May that claims dropped below 200,000.
Continuing claims, or the number of Americans who are consecutively receiving unemployment aid, fell to 1.347 million, down by 29,000 from the previous week's revised level. One year ago, nearly 5.07 million Americans were receiving unemployment benefits.
FED RAISES INTEREST RATES BY 75 BASIS POINTS IN ANOTHER HISTORIC MOVE TO TACKLE INFLATION