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A job seeker reviews the offers at an employment show in Sunrise, Florida, in June.
Photo:
Lynne Sladky / Associated Press
WASHINGTON – The number of Americans filing claims for new unemployment benefits declined last week, a sign of a tight job market in which employers are reluctant to fire workers.
Initial jobless claims, a substitute for layoffs in the United States, declined from 5,000 to 210,000 seasonally adjusted during the week ended Oct. 13, the Labor Department said Thursday. This corresponds to the expectations of the economists interviewed by the Wall Street Journal.
The latest data offer a first glimpse of the impact of Hurricane Michael, who landed in Florida on Oct. 10, on jobless job applications.
The first figures show that claims in Florida, uncorrected for seasonal variations, declined last week. The number of people claiming unemployment benefits could increase in the coming weeks as those who have lost their jobs due to the storm can apply for benefits.
Unemployment claims reached their lowest level since 1969 at the beginning of last month, before rising slightly after Hurricane Florence landed in North Carolina. Some workers displaced by the storm were entitled to unemployment benefits.
The four-week moving average of claims, a more stable measure, rose from 2,000 to 211,750 last week.
More generally, claims data show that in a tight labor market, employers are very reluctant to lay off workers. The unemployment rate fell to 3.7% last month, which is also the lowest level since 1969, and workers, especially low-paid workers, are starting to experience slightly higher increases.
The number of claims made by workers for more than a week decreased to 1,640,000 during the week ended October 6th, the lowest level since 1973. The so – called continuous claims occur with a lag of one week.
Write to Sarah Chaney at [email protected] and Sharon Nunn at [email protected]
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