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PT Solid Gold Berjangka | US Continued Jobless Claims Jump to Highest Since Late 2021

01:29 01 December in Economy, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP
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Ekonomi AS Unemployment Claims , PT SGB, Solid Group, SG Berjangka, Solid Gold Berjangka

Solid Gold Berjangka | The reported information outlines the current state of the labor market in the United States, highlighting several key points:

  1. Surge in Recurring Unemployment Benefit Applications: Recurring applications for unemployment benefits in the U.S. have reached their highest level in approximately two years. This increase is seen as an indication of a cooling labor market.
  2. Continuing Claims on the Rise: Continuing claims, serving as a proxy for individuals receiving unemployment benefits, reached 1.93 million in the week ending November 18. This surpasses all estimates provided by economists in a Bloomberg survey. The upward trend in these claims since September suggests that individuals out of work are facing greater challenges in securing new employment.
  3. Increase in Initial Jobless Claims: Initial jobless claims rose by 7,000 to 218,000 in the week ending November 25. This period includes the Thanksgiving holiday, which tends to introduce volatility into the figures. To offer a more stable representation of the trend in applications, the four-week moving average showed little change, as reported by the Labor Department.
  4. Resilient but Ebbing Labor Market: While the overall labor market remains resilient, the latest figures indicate a gradual weakening of its strength. Unemployment rates have started to rise, albeit from historically low levels, and wage gains have slowed. Although certain sectors, particularly in the trades, continue to struggle with filling open positions, the urgency to hire has diminished across various industries.
  5. Federal Reserve’s Beige Book Survey Results: The Federal Reserve’s Beige Book survey of regional business contacts, published on Wednesday and based on information collected on or before November 17, reveals a continued easing in labor demand. Most regional Federal Reserve banks reported either flat or modest increases in employment, with some noting reductions in headcounts through layoffs or attrition.
  6. Importance of Job Market Durability: The resilience of the job market is crucial to the overall outlook for consumer spending and the broader economy. Economists will closely monitor jobless claims, along with other labor-related metrics, to identify any potential weaknesses in this robustness.
  7. Upcoming Monthly Jobs Report: The government’s upcoming monthly jobs report, scheduled for release next week, is anticipated to provide further insights into the pace of hiring in November.
  8. Regional Variations in Unadjusted Claims: On an unadjusted basis, claims witnessed a sharp drop, particularly led by declines in California, Texas, and Oregon.

This comprehensive overview offers a snapshot of the challenges and dynamics within the U.S. labor market, providing valuable information for economists, policymakers, and businesses assessing the economic landscape.