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American labor market is still firm
The previous week the overall number of US citizens coming up with applications for unemployment benefits slipped to a 49-year minimum, although the tumble probably overstates the health of the American labor market due to the fact claims for a number of US states including California were evaluated.
American labor market conditions are still firm that should assist to temper worries of a steep deceleration in economic surge. Other Thursday’s data revealed that an indicator of future American economic activity headed south in December.
The American economy is experiencing a number of headwinds, such as a bitter trade clash with China as well as a long lasting partial shutdown of the federal cabinet that are affecting business and consumer confidence. As a matter of fact, higher interest rates, decreasing fiscal stimulus, not to mention decelerating global economies are also seen affecting domestic surge.
By January 19, initial claims for state unemployment benefits headed south by 13,000 reaching a seasonally adjusted outcome of 199,000. It appears to be the lowest value since mid-November of 1969.
Financial analysts had hoped claims would inch up to 220,000. Due to Monday's Martin Luther King holiday, claims for North Dakota, Hawaii, Kansas, California, West Virginia, and Virginia were evaluated the previous week.
Traditionally considered a good indicator of labor market trends, the four-week moving average of initial claims declined by 5,500 reaching 215,000 the previous week.
Approximately a quarter of federal agencies have been unavailable since December 22, affecting up to 800,000 government staff members, with many working even without pay or furloughed. All employees are going to be paid retroactively as soon as the shutdown is over.
However, experts expect the longest shutdown in the history of the USA to push the unemployment rate above 4% this month because the furloughed employees would be found unemployed.
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