US weekly jobless claims rise; continuing claims at 10-month high
Still, labor market conditions remain tight, keeping the Federal Reserve on course to continue increasing interest rates as it fights inflation. The labor market has remained resilient in the face of growing recession risks, caused by the Fed’s aggressive monetary policy campaign. “Overall, the labor market remains tight and demand for workers is strong,” said Rubeela Farooqi, chief US economist at High Frequency Economics in White Plains, New York. “But the claims data are suggesting a very gradual shift up in layoffs.”Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 230,000 for the week ended Dec. 3. The unemployment rate for people on jobless benefits increased to 1.2%, the highest since March, from 1.1% in the prior week.
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