but Labor Market Remains “Hot”
Initial unemployment claims rose 9K to 228K in the week ending October 8. The 4-week moving average of initial claims, which smooths out weekly fluctuations, rose 5K to 212K. Despite the rise in initial claims in the past two weeks, few companies are laying-off workers with demand still strong and the difficulty of hiring new workers.
The total number of unemployed workers collecting unemployment payments referred to as continuing claims, rose 3K to 1.368 million in the week ending October 1. The 4-week moving average fell 8K to 1.364 million. The insured unemployment rate stayed at 1% for the eighteenth straight week. Such a low level of continuing claims shows that workers who get laid-off can quickly find another job in the still very tight job market.
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