WASHINGTON, Dec 2 — The number of Americans filing new claims for unemployment benefits increased less than expected last week, pointing to tightening labour market conditions, while layoffs tumbled to the lowest level in 28-1/2 years in November.
Federal Reserve Chair Jerome Powell in a nod to the strengthening economy told lawmakers this week that the US central bank should consider accelerating the pace of winding down its bond purchases at its December 14-15 policy meeting. They tend to be volatile around Thanksgiving, the start of the holiday season. Economists polled by Reuters had forecast 240,000 applications for the latest week. Claims have declined from a record high of 6.149 million in early April 2020.
According to a Reuters survey of economists, nonfarm payrolls probably increased by 550,000 jobs in November after rising 531,000 in October. The unemployment rate is forecast dipping to 4.5 per cent from 4.6 per cent in October. The run of good news on the labour market was extended by a separate report on Thursday from global outplacement firm Challenger, Gray & Christmas showing job cuts announced by US-based employers dropped 34.8 per cent in November to 14,875, the fewest since May 1993. So far this year, there have been 302,918 job cuts, down 86 per cent compared to the same period in 2020.
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