By Jorge Antonio Vázquez Buendía
Mar 29, 2024, 11:31 AM EDT
The U.S. Department of Labor reported that in the week ending March 23, the anticipated number of initial jobless claims was 210,000, a decrease of 2,000
compared to the previous week’s revised level, indicating that the US labor market is strong.
The previous week’s level was revised up by 2,000, from 210,000 to 212,000. The 4-week moving average was 211,000, a decrease of 750 from the previous week’s revised average.
Nancy Vanden Houten, senior U.S. economist at Oxford Economics, said we may see an initial rise in jobless claims as the economy slows this year: “But we don’t expect a major increase because if While we expect the pace of job growth to slow, we do not anticipate large-scale layoffs.”
Economists foresee some adjustment in the labor market in 2024, a result of the growth of the United States economy in 2023 and so far in 2024. The Biden administration mentioned that the country’s economy grew at a solid annual rate of 3.4% in October as of December, which represents an improvement over its previous estimate. The government had forecast the economy to expand at a rate of 3.2% last quarter.
According to the Labor Department report, the seasonally adjusted anticipated insured unemployment rate was 1.2 percent for the week ending March 16, unchanged from the previous week’s unrevised rate.
The total number of continuous weeks claimed for benefits across all programs for the week ending March 9 was 2,037,085, a decrease of 69,954 from the previous week.
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