U.S. Jobs Market Shows Signs of Weakness

One sign was the October employment report that showed the creation of just 150,000 new jobs — and fewer than 100,000 in the private sector. The unemployment rate also edged up to a 21-month high of 3.9%.

“The upturn in continued claims suggests that … unemployed individuals are finding it more difficult to find new jobs, which would be consistent with a slower pace of hiring,” said lead U.S. economist Nancy Vanden Houten of Oxford Economics. The raw or actual number of people getting benefits is significantly lower and most of the increase has only taken place in the last month and a half.Take the exhaustion rate, which measures the percentage of people who use up all their jobless benefits. It’s risen to 35% from just under 30% at the end of 2022.

The Federal Reserve wants to see a further softening of the labor market to help reduce the upward pressure on wages that are contributing to high U.S. inflation. Many senior Fed officials say they are seeing signs of exactly that.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. jobs market sees signs of a slowdown. Will unemployment keep rising?Tightest labor market in decades shows signs of loosening
Source: MarketWatch - 🏆 3. / 97 Read more »

Navigating crypto bull market: Signs to maximize profitsThe cryptocurrency market seems to be headed for a bull market after October’s gains extend into the end of the year.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Fox Chase's Le Souk Market opens with organic products, Middle Eastern sweetsLe Souk Market is a Mediterranean market influenced by Middle Eastern and North African markets.
Source: 6abc - 🏆 250. / 63 Read more »

Fed official: Union wins show labor market still running hotWorkers still have power, even as the Fed has moved aggressively to cool the economy down.
Source: axios - 🏆 302. / 63 Read more »

US jobless claims fall in latest week in still-strong labor marketThe number of Americans filing new claims for unemployment benefits fell last week as the labor market continued to show few signs of a significant slowdown.
Source: Reuters - 🏆 2. / 97 Read more »

Jobless Claims Fall in Still-Strong Labor MarketThe number of Americans filing new claims for unemployment benefits fell last week as the labor market continued to show few signs of a significant slowdown.Initial claims for state unemployment benefits fell 3,000 to a seasonally adjusted 217,000 for the week ended Nov. 4.
Source: NEWSMAX - 🏆 16. / 71 Read more »