- October 20, 2022
- Posted by: Stratford Team
- Category: Economy
The number of new applications for unemployment benefits dropped by 12,000 to 214,000 last week, the Labor Department reported Thursday.
Falling jobless claims are a sign that layoffs are rare and the economy is adding jobs despite the Federal Reserve’s efforts to tighten monetary policy to slow economywide spending and bring down inflation.
“The whole world seems to be betting on a U.S. recession, but so far, the labor market refuses to support such a negative outlook for the economy,” noted Christopher Rupkey, the chief economist for FWDBONDS.
MORTGAGE RATES HIGHEST IN TWO DECADES AMID FALLOUT FROM FED TIGHTENING
For a lengthy stretch between early August and the middle of September, jobless claims defied expectations and remained low. Since the start of October, though, they have been above 210,000.
Thursday’s number of new claims for unemployment isn’t…
