Economics
Jobs

US Jobless Claims Rise Slightly, Still Near Lowest Since May

By Augusta Saraiva
September 22, 2022 at 8:35 AM EDT | Updated on September 22, 2022 at 8:40 AM EDT

@gutavsaraiva

Applications for US unemployment insurance rose slightly from an almost four-month low, suggesting demand for workers remains healthy despite an increasingly uncertain economic outlook.

Initial unemployment claims increased by 5,000 to 213,000 in the week ended Sept. 17, after a downward revision in the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 217,000 new applications.

The four-week moving average, which smooths out volatility from week to week, fell to 216,750. ... Continuing claims dropped to 1.38 million in the week ended Sept. 10.

Jobless claims have generally been dropping as employers try to fill millions of open positions while retaining the workers they already have. However, hiring is expected to weaken as the Federal Reserve continues to raise interest rates, with employment being a key sacrifice in the central bank’s effort to bring inflation down.

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