{"id":34270,"date":"2022-06-02T23:17:50","date_gmt":"2022-06-02T23:17:50","guid":{"rendered":"https:\/\/harchi90.com\/us-labor-market-stays-strong-unemployment-rolls-smallest-since-1969\/"},"modified":"2022-06-02T23:17:50","modified_gmt":"2022-06-02T23:17:50","slug":"us-labor-market-stays-strong-unemployment-rolls-smallest-since-1969","status":"publish","type":"post","link":"https:\/\/harchi90.com\/us-labor-market-stays-strong-unemployment-rolls-smallest-since-1969\/","title":{"rendered":"US labor market stays strong;  unemployment rolls smallest since 1969"},"content":{"rendered":"<div>\n<p data-testid=\"primary-image-caption\" id=\"primary-image-caption\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY article-body__primary-image-caption__WHVnb\">People line up outside a newly reopened career center for in-person appointments in Louisville, Kentucky, US, April 15, 2021. REUTERS \/ Amira Karaoud<\/p>\n<div class=\"registration-prompt__container__2jf5K column article-body__aside-registration-prompt__2ivER\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h6 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_6__1qUJ5 heading__base__2T28j heading__heading_6__RtD9P registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h6>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"article-body__context_widget__1xxEe article-body__element__2p5pI\">\n<div class=\"context-widget__content__1X4Oq\">\n<ul class=\"summary__summary__31feP\">\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Weekly jobless claims fall 11,000 to 200,000<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Continuing claims drop 34,000 to 1.309 million<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Private payrolls increase 128,000 in May<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">WASHINGTON, June 2 (Reuters) &#8211; The number of Americans filing new claims for unemployment benefits unexpectedly fell last week as demand for labor remained strong, helping to underpin the economy amid rising interest rates and tightening financial conditions.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy&#8217;s health, also showed state jobless benefits rolls declining to their lowest level since 1969 in the second-half of May.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The Federal Reserve&#8217;s aggressive monetary policy stance as it fights high inflation has fanned fears of a recession.  While other data on Thursday showed the increase in private payrolls in May was the smallest in two years, that was also partly because of worker shortages.  The US central bank is trying to cool labor demand, without pushing the jobless rate too high.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;Job gains across the country are slowing, but few workers are actually losing their jobs,&#8221; said Christopher Rupkey, chief economist at FWDBONDS in New York.  &#8220;This isn&#8217;t a soft-landing or a hard-landing for the economy yet. No sign of company layoffs means the labor market isn&#8217;t loosening up as much as Fed officials were hoping.&#8221;<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Initial claims for state unemployment benefits fell 11,000 to a seasonally adjusted 200,000 for the week ended May 28. Economists polled by Reuters had forecast 210,000 applications for the latest week.<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The second straight weekly decline unwound recent increases, which had lifted claims to their highest level since January.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">There were big declines in claims in Pennsylvania, Kentucky, Georgia and Florida, which offset a jump in California, as well as notable rises in Mississippi and New York.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The number of people receiving benefits after an initial week of aid fell 34,000 to 1.309 million during the week ending May 21. That was the lowest level for the so-called continuing claims since December 1969.<\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Companies are scrambling for workers, though the Fed&#8217;s Beige Book on Wednesday showed &#8220;one district explicitly reported that the pace of job growth had slowed,&#8221; and that &#8220;some firms in most of the coastal districts noted hiring freezes or other signs that market tightness had begun to ease. &#8220;<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">But the government also reported that there were 11.4 million job openings at the end of April.  While the job-workers gap fell from 3.6% of the labor force in March, it remained very high at 3.3% in April.  read more <\/p>\n<h2 data-testid=\"Heading\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g-\">VERY LOW LAYOFFS<\/h2>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The Fed has increased its policy interest rate by 75 basis points since March.  It is expected to hike the overnight rate by half a percentage point at each of its next meetings this month and in July.  Fed Vice Chair Lael Brainard said on Thursday she saw little case for pausing in September.  read more <\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Stocks on Wall Street were lower.  The dollar fell against a basket of currencies.  US Treasury yields rose.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Economists say claims would need to rise above 300,000 to cool the hot jobs market.<\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;A low level of layoffs as well as elevated job openings are signaling that demand for labor remains strong, a trend that is likely to persist in the very near term,&#8221; said Rubeela Farooqi, chief US economist at High Frequency Economics in White Plains, New York.<\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Labor market strength was reinforced by a second report on Thursday from global outplacement firm Challenger, Gray &#038; Christmas on Thursday showing layoffs announced by US-based companies fell 14.7% to 20,712 in May.<\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">So far this year, employers have announced 100,694 job cuts, down 48% from the same period in 2021. That is the lowest recorded January-May total since Challenger began tracking monthly job cut announcements in 1993.<\/p>\n<p data-testid=\"paragraph-16\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">That overshadowed the ADP National Employment Report, which showed private payrolls rose by 128,000 jobs last month after increasing 202,000 in April.  That was the smallest gain since April 2020, when the economy was reeling from COVID-19 shutdowns and lost a record 20.493 million jobs that month.<\/p>\n<p data-testid=\"paragraph-17\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Economists had forecast private payrolls increasing by 300,000 jobs.  The ADP report, jointly developed with Moody&#8217;s Analytics, has a poor record predicting the private payrolls count in the department&#8217;s Bureau of Labor Statistics (BLS) employment report because of methodology differences.<\/p>\n<p data-testid=\"paragraph-18\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;The ADP data suggest that job growth is slowing, which at a very high level is broadly in line with our expectations for the labor market,&#8221; said Daniel Silver, an economist at JPMorgan in New York.  &#8220;But we know that the ADP report is not always a reliable predictor of the BLS data, so it is not clear if the BLS data will be as weak as the ADP report&#8217;s May print.&#8221;<\/p>\n<p data-testid=\"paragraph-19\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The government&#8217;s closely watched employment report on Friday is expected to show strong job growth continued in May.<\/p>\n<p data-testid=\"paragraph-20\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">According to a Reuters survey of economists, nonfarm payrolls probably increased by 325,000 jobs last month.  The economy created 428,000 jobs in April, marking 12 straight months of employment gains in excess of 400,000.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Lucia Mutikani;  Editing by Chizu Nomiyama<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>People line up outside a newly reopened career center for in-person appointments in Louisville, Kentucky, US, April 15, 2021. REUTERS \/ Amira Karaoud Register now for FREE unlimited access to Reuters.com Register Weekly jobless claims fall 11,000 to 200,000 Continuing claims drop 34,000 to 1.309 million Private payrolls increase 128,000 in May WASHINGTON, June 2 &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/us-labor-market-stays-strong-unemployment-rolls-smallest-since-1969\/\"> <span class=\"screen-reader-text\">US labor market stays strong;  unemployment rolls smallest since 1969<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[56,73,24,30,508,507,74,3122,37,258,265,41,509,64,46,1817,22,75,57,2279],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.reuters.com\/resizer\/xOCOC8L900Vz3iw5n0QuANf9muw=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/FJJJDF26EBMVPBXR4H3LGIHMMU.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/34270"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=34270"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/34270\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=34270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=34270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=34270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}