Markets and investors are pleasantly surprised by a sudden decrease in unemployment benefits, further proving the enduring strength of the U.S. labor market.
The Labor Department said Thursday that initial jobless claims totaled 230,000 for the week ending Aug. 18, showing a decline from both the previous figure and the expected 240,000.
This unexpected drop in claims marks a notable improvement, continuing the downward trend observed over the last two months. However, the four-week average rose from 234,500 to 236,750, above the expected 232,630.
Continuing jobless claims for the week ending Aug. 12 decreased, from a revised 1,711,000 to 1,702,000, below than expectations of 1,708,000.
Hawaii saw a remarkable weekly increase of 3,679 claims following a devastating wildfire in Maui. In contrast, Ohio witnessed a significant decline of 5,899 claims.
Originally Posted August 24, 2023 – Unemployment Claims Fall Short Of Expectations, Signaling Job Market Resilience
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