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The number of Americans filing new claims for unemployment benefits fell to a seven-month low last week, but the pace of decline has slowed and further improvement could be limited by a raging COVID pandemic and lack of additional fiscal stimulus. The labor market slack is keeping inflation muted, with other data on Thursday showing consumer prices unchanged in October as moderate gains in the cost of food and rents were offset by cheaper gasoline and healthcare. The frail economy is one of the major challenges President-elect Joe Biden faces when he takes over from President Donald Trump in January. Tepid inflation could allow the Federal Reserve to keep its ultra-easy monetary policy for a long time to aid the recovery from the COVID recession, with the labor market not expected to move back to full employment before Initial claims for state unemployment benefits fell by 48, to a seasonally adjusted , for the week ended Nov. Data for the prior week was revised to show 6, more applications received than previously reported. Despite claims dropping to their lowest since March, they remained above their peak of , during the Great Recession. Weak demand, especially in the services sector, is forcing employers to shed workers.The Labor Market Video
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This report was produced in conjunction with the webinar, " Improving economic opportunity for older workers ," co-sponsored by Brookings and the Kellogg Public-Private Initiative. In the United States, as in many other nations with aging populations, policymakers have embraced the notion that most individuals can and should extend their working years. The large majority of Americans approaching retirement will not have enough income to maintain their preretirement standard of living. During the past 30 years, private workplace pensions have collapsed, and the United States, like other nations, has effectively cut public pension benefits by raising the retirement age. Working longer is widely proposed as the best way for older people to boost their fragile retirement security e.By Lucia Mutikani.
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The labor market slack is keeping inflation muted, with other data on Thursday showing consumer prices unchanged in October as moderate gains in the cost of food and rents were offset by cheaper gasoline and healthcare. The frail economy is one of the major challenges President-elect Joe Biden faces when he takes over from President Donald Trump in January. Tepid inflation could allow the Federal Reserve to keep its ultra-easy monetary policy for a long time to aid the recovery from the COVID recession, with the The Labor Market market not expected to move back to full employment before Fed Chair Jerome Powell Madket a European Central Bank forum on Thursday that spreading The Labor Market infections posed a risk to the recovery, which he described as slowing.
Initial claims for source unemployment benefits fell 48, to a seasonally adjustedfor the week ended Nov.
Economists polled by Reuters had forecastapplications for the latest week. Despite claims dropping to their lowest since March, they remained above their peak ofduring the Great Recession. Weak demand, especially in the services sector, is forcing employers to shed workers.
Daily new COVID infections are exceedingand hospitalizations are surging as cooler weather draws people indoors, prompting some state and local governments to impose new restrictions on businesses. Even without restrictions, many consumers are likely to stay away from places like bars, restaurants and gyms, fearing exposure to the illness.
Economy added 638,000 jobs in October and the jobless rate fell a percentage point to 6.9%
Restaurants and gyms moved outdoors during summer. Unadjusted claims, viewed by economists as a better measure of layoffs, fell 20, tolast week. Including a government-funded program for the self-employed, gig workers and others who do not qualify for the Marlet state unemployment programs, at least 1 million people filed claims last week. Stocks on Wall Street fell on the rising coronavirus The Labor Market.
MILLIONS UNEMPLOYED
The dollar. DXY slipped against a basket of currencies. Treasury prices rose.]
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