Wed, April 17, 2024

U.S. Labor Market at the end of 2019

The state of the local labor market

U.S. Labor Department released information about the initial claims for state unemployment benefits for the week that ended on December 21. This data suggest that the U.S. labor market continues to rise which is an excellent new for the U.S. economy.

Based on data released by the department on Thursday, the number of people who applied for the unemployment benefits decreased by 13,000.

Economists expected the number of people would fall to 224,000. However, the initial claims fell to 222,000. As a result, it surpassed expectations.

In November, the unemployment rate fell back to 3.5%, which is the best result in nearly half a century.

The four-week moving average of initial claims is considered a better measure of the labor market trends. It is more useful because it removes one of the biggest problems which is week-to-week volatility. According to a four-week average, the number of initial claims increased by 2,250 to 228,000. The basic trend remains consistent with a strong labor market.

Based on this report, the number of people receiving benefits after an initial week of aid decreased by 6,000 to 1.72 million. This information is based on the data for the week ended on December 14. However, the four-week moving average of the so-called continuing claims increased by 19,250 to 1.70 million.

Labor Market and trade warUnemployment in the U.S.

The trade war between the U.S. and China started in 2018. It took a lot of time to reach a partial agreement. The trade dispute between the two largest economies in the world is a serious challenge. The data when countries will sign the phase one trade deal remains unknown. This may happen in January 2020.

Despite all the problems connected with trade tensions along with slowing global growth, the U.S. labor market remains in a stable position. Thanks to the strong labor market, consumer spending kept the economy on a moderate growth path.

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