![]() ![]() Assuming no change in the number of people participating in the labor force, a jump in unemployment would result in at least 1.2 million workers losing their jobs, according to CNN Business calculations of BLS data.Įven if more workers joined the labor force, it might not be enough to balance that out, economists warn. The Fed’s goal of achieving a soft landing - cooling demand to ease inflation without freezing the economy into recession - has grown increasingly unrealistic.Īs a result, the Fed has shifted toward a “ no pain, no gain” approach in its battle against inflation that could mean the unemployment rate climbs from 3.7% to at least 4.4% by the end of next year, according to the central bank’s own projections. First-time claims for unemployment insurance totaled 219,000 for the week ended October 1, an increase of 29,000, or 15%, from last week’s revised level of 190,000, according to new data released Thursday morning by the Department of Labor. While first-time applications for weekly jobless benefits had been hanging around a four-month low, filings jumped back up on Thursday. The number of open positions also fell, sinking by 1.1 million, the largest monthly decline outside of the pandemic, according to the Jobs Openings and Labor Turnover Survey released on Tuesday. The jobs report for that month found that America added 315,000 positions, a much lower level than the 512,000 average job gains over the past 12 months. The unemployment rate is expected to hold steady at 3.7%, according to Refinitiv estimates.Īugust jobs data already indicated that the historically tight labor market has loosened by a notch. The US economy is forecast to have added 250,000 jobs in September, which would be the lowest monthly jobs gain since December 2020. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |