U.S. labor market remains tight despite technology sector layoffs

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The number of Americans filing new claims for unemployment benefits fell last week, showing widespread layoffs remain low despite a surge in technology-sector job cuts that has raised fears of an imminent recession.

, the parent of Facebook, announcing thousands of job cuts this month. Companies in interest-rate sensitive sectors like housing and finance are also letting workers go.

Economists at Goldman Sachs dismissed worries that the technology layoffs were flagging an imminent recession in a note this week. They argued that technology job openings remained well above their pre-pandemic level, also noting layoffs in the sector have not historically been a leading indicator for deterioration in the overall labor market.

So far, the economy is weathering the tighter monetary policy storm, with data on Wednesday showing strong retail sales growth last month. This has led economists to expect that the policy rate could see increases for a long period, eventually reaching a higher level that will be maintained for a while.

Next week's data on the number of people receiving benefits after an initial week of aid will shed more light on November's employment report. The so-called continuing claims, a proxy for hiring, increased 13,000 to 1.507 million in the week ending Nov. 5, the highest level since March."Little has changed in the labor market in early November," said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

Starts for housing projects with five units or more slipped 0.5% to a rate of 556,000 units. Multi-family housing construction has fared better as soaring mortgage rates force many potential homebuyers to remain renters. A key gauge of rents surged by the most on record on a year-on-year basis in October, according to the latest consumer price data.

 

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