U.S. jobless claims fall sharply as labor market remains resilient |
| New jobless claims fell sharply last week, providing further evidence of a resilient labor market as the Federal Reserve continues its efforts to curb inflation. Initial claims for unemployment benefits dropped by 10,000 to 196,000 in the seven days to September 12th, according to the Labor Department, below the 207,000 claims economists surveyed by the Wall Street Journal had expected. The four-week moving average fell 2,750 to 203,250, while continuing claims, reported with a one-week lag, fell by 39,000 to 1.73m. "The exceptionally depressed number last week might reflect seasonal adjustment issues related to Labor Day, but the underlying picture remains encouraging," said Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics. "For now, then, the Fed will remain laser-focused on inflation." |
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