Unemployment Applications Hit 8-Month Low Despite Rising Rolls

Applications for US unemployment benefits fell to 198,000 last week, the lowest level in 8 months. This indicates fewer layoffs.

However, the number of Americans remaining on unemployment rolls rose to 1.73 million, the highest in 3 months. This suggests people already unemployed are having a harder time finding jobs.

In September, employers added 336,000 jobs, exceeding expectations and showing the labor market remains strong despite interest rate hikes meant to cool it.

Job openings unexpectedly rose in August to 9.6 million, up from 8.9 million in July, indicating robust labor demand.

The unemployment rate remains low at 3.8% in August, though more people re-entered the job search that month after leaving it earlier in 2022.