Magazine article Personnel Journal

Unemployment Claims Seesaw, but Are Still at Lowest Point in Months

Magazine article Personnel Journal

Unemployment Claims Seesaw, but Are Still at Lowest Point in Months

Article excerpt

UNEMPLOYMENT CLAIMS TOOK A NOSEDIVE THE THIRD WEEK of September, indicative of a long-term edging down of the overall unemployment market. Jobless claims dropped 2,000 to 329,000 for the week ending September 14, according to the U.S. Department of Labor.

While the nation's jobless rate overall fell to a seven-year low of 5.1 percent in August, a Department of Labor report released in September (regarding August) also reported higher wages and a bustling economy. Many economists viewed the news of a tightening labor market as a clear sign of an impending inflationary surge. They predicted the Federal Reserve would raise interest rates during its September 24 meeting. As it turns out, the Federal Reserve opted not to raise short-term interest rates-even amid strong pressure to lift rates because of the low unemployment rate.

In an interview on Reuters Financial Television, Labor Secretary Robert Reich said that despite the strong unemployment numbers, there is still some "give" in labor markets. …

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