The number of first-time unemployment claims was little changed over the past week, indicating that the job market could be stagnating
According to the latest report from the US Department of Labor, for the week ended November 13, 268,000 people filed for the first time for unemployment benefits. The number came 1,000 lower than that reported the week before. However, the figures were higher than the 260,000 expected.
The total was the lowest reported since the beginning of the pandemic but, at the same time, is close to what claims have been in October. Fillings have decreased since mid-October, which could point to more robust employment growth. The pandemic has caused worker shortages, leaving 10.4 million job openings as of the end of September.
In October, 531,000 jobs were created, while the employment growth averaged 582,000 per month, and the labor force is down 3 million compared to the pre-pandemic level.
Sources: forexfactory.com, investing.com