Breakingviews - U.S. labor market softens, slowly

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The Federal Reserve is getting what it wants, but probably more slowly than it wants. The number of Americans receiving unemployment benefits, excluding those who are claiming for the first time, rose to nearly 1.7 million last week, according to U.S. government data released Thursday. That marked the highest count for so-called continuing jobless claims since early February.

A "Now Hiring" sign is seen in front of a McDonald's restaurant in FairOaks, Virginia April 19, 2011. The world's biggest hamburger chain -- which for years has wanted to stop the use of "McJob" as shorthand for low-wage, dead-end work -- said it plans to hire up to 50,000 new U.S. workers on Tuesday.

WASHINGTON, Dec 8 - The Federal Reserve is getting what it wants, but probably more slowly than it wants. The number of Americans receiving unemployment benefits, excluding those who are claiming for the first time, rose tolast week, according to U.S. government data released Thursday. That marked the highest count for so-called continuing jobless claims since early February.

While bad for the claimants themselves, this is positive for the economy, because it means labor demand is finally cooling off. Fed policymakers have been looking for theThis will still be a long and painful journey. There werefor every unemployed person in October. Wage growth was twice what economists had forecast in November, and continuing jobless claims remain below the average from before the coronavirus hit the United States.

 

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Breakingviews While this may be depressing. It's worse everywhere else

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Then suddenly... Fed killing the economy ...

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