Jobless claims fall below 200,000 despite the Fed’s efforts to tighten financial conditions.
Initial claims for state unemployment benefits fell by 16,000 to 193,000 in the week ended September 24, the Labor Department said Thursday.
That’s the lowest level of claims since late April. Economists had expected claims to rise after the very low 213,000 figure reported for the prior week. Federal Reserve officials have said they are aiming to cool off the labor market by hiking rates, seeing that as a key part of their fight to tame inflation. So far, however, the labor market remains sizzlingly hot. The unemployment rate in August was 3.7 percent, a historically low number and below what most economists think is sustainable without inducing high inflation.
2/ If this sticks, it could result in further declines in the unemployment rate – i.e. the job market getting tighter again.
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