Posted 11/22/2023, 1:43:19 PM
Jobless Claims Drop But Slowing Labor Market Signals Broad Economic Cool Down
- Initial jobless claims fell more than expected last week to 209,000, but the labor market is still slowing due to higher interest rates
- There are signs the labor market moderation is broadening out across income groups
- Data suggests pay increases for job hoppers have softened recently
- Continuing claims fell 22,000 to 1.84 million during the week ending Nov. 11
- The labor market is cooling as higher borrowing costs dampen demand