US labour market on solid ground as mid-Atlantic factories stall

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WASHINGTON: The number of Americans filing applications for unemployment benefits dropped from a more than two-year high last week, pointing to ...

WASHINGTON: The number of Americans filing applications for unemployment benefits dropped from a more than two-year high last week, pointing to sustained labour market strength that should continue to underpin consumer spending and the economy.

Economists estimated that Boeing's biggest assembly-line halt in more than 20 years, which is expected to wreak havoc on supply chains, could cut first-quarter 2020 gross domestic product growth by at least half a percentage point."The economy isn't going off the rails here," said Chris Rupkey, chief economist at MUFG in New York."But at the same time, it isn't setting any land speed records.

Economists polled by Reuters had forecast claims would fall to 225,000 in the latest week. They expect claims to remain elevated relative to October's low reading given volatility in the data around the holiday season and end of the year. Last week's claims data covered the period during which the government surveyed business establishments for the non-farm payrolls component of December's employment report.

 

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