The Labor Department reported that <strong>initial jobless claims</strong> edged lower last week signaling the labor market continues to be tight. Since the Fed considers labor market strength a key cause of inflation, we can expect continued upward pressure on rates. Layoff announcements have become more frequent for larger companies, but data suggest that small businesses are absorbing laid off workers. Claims in regular state programs decreased 4,000 to 222,000 for the week ending November 12th, after reporting 226,000 initial claims the prior week. The four-week moving average climbed to 221,000 from 219,000 the prior week. The total number of people continuing to receive regular ongoing state benefits, a report which is lagged one week, increased 13,000 to 1.507 million for the week ending November 5th.

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The Labor Department reported that <strong>initial jobless claims</strong> climbed last week as layoff announcements from larger companies have become more frequent. In the near-term, data suggest that small businesses are going to be eager to absorb workers laid off from larger businesses, but this will not persist indefinitely. Claims in regular state programs increased 7,000 to 225,000 for the week ending November 5th, after reporting 218,000 initial claims the prior week. The four-week moving average declined to 218,750 from 219,000 the prior week. The total number of people continuing to receive regular ongoing state benefits, a report which is lagged one week, increased 6,000 to 1.493 million for the week ending October 29th.

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The Labor Department reported that<strong> initial jobless claims </strong>edged lower last week reflecting a continued strong demand for labor. The low level of claims is closely watched by the Fed, which is looking for the job market to approach equilibrium. Currently the demand for workers far exceeds supply. Claims in regular state programs decreased 1,000 to 217,000 for the week ending October 29th, after reporting 218,000 initial claims the prior week. The four-week moving average declined to 218,750 from 219,250 the prior week. The total number of people continuing to receive regular ongoing state benefits, a report which is lagged one week, increased 47,000 to 1.485 million for the week ending October 22nd.