Minnesota's unemployment rate ticked up to 1.9% in August as hiring slowed, though the jobless rate remains near a historic low amid a tight labor market.
The number of Americans filing new claims for unemployment benefits fell to a five-month low last week as the labor market remains resilient despite rising headwinds from the Federal Reserve's stiff interest rate increases and slowing demand. The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy's health, also showed jobless rolls shrinking to their lowest level in just over two months in mid-September. "The Fed won't be slowing the pace of their rate hikes yet with 75 basis points in November and 50 basis points more in December a virtual certainty," said Christopher Rupkey, chief economist at FWDBONDS in New York.
- Associated Press
At the same time, the number of people seeking unemployment benefits — a figure that often reflects the pace of layoffs — fell to a five-month low. Hiring remains strong and the unemployment rate is near a 50-year low. The economy's direction has confounded the Federal Reserve's policymakers and many private economists since growth screeched to a halt in March 2020 as COVID-19 struck and 22 million Americans were suddenly thrown out of work.
The number of Americans filing for first-time unemployment insurance fell below 200,000 for the first time since May, a bad sign for the Federal Reserve, which wants to see a hot job market cool down. Initial jobless claims came in at 193,000 for the week ended Sept. 24, the lowest since April. The decrease in jobless claims suggests that there’s plenty of strength left in the job market, despite recent announcements of layoffs from companies including DocuSign (ticker: DOCU), which said it would lay off 9% of its workforce, and Twilio (TWLO), which is cutting the number of employees by 11%.
- Yahoo Finance Canada
Some 6,281 people moved from Ontario to the western province in the second quarter, up from the same quarter last year.
- Associated Press
The number of Americans filing for jobless benefits dropped last week, a sign that few companies are cutting jobs despite high inflation and a weak economy. Applications for unemployment benefits for the week ending Sept. 24 fell by 16,000 to 193,000, the Labor Department reported Thursday. Jobless aid applications generally reflect layoffs.
The eurozone jobless rate remained unchanged at 6.6% in August, according to data from the European Union's statistics agency Eurostat released Friday.
- The Herald-Mail
Local trend of increased unemployment mirrors state and national reports for August.