Weekly jobless claims in US at 52-year low; Q3 Growth Revised

Weekly jobless claims in US at 52-year low; Q3 Growth Revised

The number of Americans filing new claims for unemployment benefits fell last week to its lowest level since 1969, pointing to continued strength in the economy, a year marked by shortages and an endless pandemic winds. is in.

The Labor Department said Wednesday that initial claims for state unemployment benefits fell from 71,000 to a seasonally adjusted 199,000 for the week ending Nov. This was the lowest level since mid-November 1969. Economists polled by Reuters had predicted 260,000 applications for the latest week.

Claims have been declining since October, although the pace has slowed in recent weeks as applications neared the pre-pandemic average of about 220,000.

The report was published early because of the Thanksgiving holiday on Thursday.

Data can be noisy during the holiday season. Claims have declined from a record high of 6.149 million in early April 2020, and are now in an area seen to be in line with a healthy labor market, although acute labor shortages due to the pandemic are hindering rapid job growth.

Employment growth this year has averaged 582,000 jobs per month. There were 10.4 million job openings as of the end of September. The workforce is below its pre-pandemic level of 3 million people even as generous federal government-funded benefits have ended, schools have reopened for in-person learning and companies are raising wages. Huh.

The decline in claims is in line with data from retail sales and manufacturing output, which suggested the economy was gaining momentum in the fourth quarter after hitting momentum in the July-September period as coronavirus cases spiked in the summer and shortages. had become more widespread.

A separate report from the Commerce Department on Wednesday confirmed a sharp drop in growth in the third quarter.

GDP grew at a 2.1% annual rate, the government said in its second estimate of GDP growth for the period.

This was still the slowest growth pace in more than a year, but was slightly revised up from the 2.0% expansion pace reported in October. Economists polled by Reuters had expected GDP growth to accelerate at 2.2% in the third quarter.

The economy grew at 6.7% in the second quarter.

The upward revision reflected a more moderate pace of inventory drawdown than initially anticipated, underscoring a large move in consumer spending.

But it’s all in the rear-view mirror. Consumer spending appears to have picked up pace in October, with retail sales rising last month as Americans begin their holiday shopping early to avoid shortages and pay even more for scarce goods. .

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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