For the week ended October 30, the Department of Labor revealed that 269,000 people filed for unemployment for the first time. The numbers came in lower than the 273,000 forecasted and 14,000 lower than what was reported in the previous week. This is the lowest point since March 14, 2020.
The claims report comes a day ahead of the Labor Department’s nonfarm payrolls count. The reading is expected to show a 450,000 growth for October.
American businesses have been hit with a significant labor deficit that caused shorter hours, less products available for purchase, and escalating inflation in the past year. As a partial response to these matters, the Federal Reserve announced Wednesday to start the tapering process.
Sources: cnbc.com, forexfactory.com, investing.com