Posted 11/22/2023, 2:01:24 PM
Jobless Claims Drop to 50-Year Low as Labor Market Stays Strong Despite Rate Hikes
- Unemployment claims dropped sharply last week by 24,000 to 209,000, signaling a resilient U.S. job market despite higher interest rates
- Jobless claims remain extraordinarily low historically, indicating most Americans have unusual job security currently
- 1.84 million Americans were receiving unemployment benefits the week ending Nov. 11, down 22,000 from the prior week
- Job growth remains strong with 239,000 average monthly hires in 2023, though below 2021-2022 levels of nearly 400,000 per month
- Inflation has markedly decelerated from 9.1% year-over-year in June 2022 to 3.2% last month, raising hopes of a Fed "soft landing" with slowing but positive growth