Economic Report: Jobless claims show no spike in layoffs

by | Jan 12, 2023 | Stock Market

The numbers: Initial jobless claims fell by a seasonally adjusted 1,000 to 205,000 in the week ended Jan. 7, the Labor Department said Thursday.   Economists polled by The Wall Street Journal had estimated new claims would rise 6,000 to 210,000. Last week claims fell a revised 17,0000 to 206,000. That compared with the initial estimate of a decline of 19,000 to 204,000.

Key details: The number of people already collecting jobless benefits fell 63,000 to 1.63 million.  On an unadjusted basis, claims rose 60,799 to 339,286. Big picture: The labor market is running pretty hot. That will keep pressure on wages and keep the Federal Reserve on alert. The economy added 223,000 jobs in December and the unemployment rate fell to 3.5%. Market reaction: Stocks

were set to open lower on Thursday after the December consumer price inflation report was released. The yield on the 10-year Treasury note
fell to 3.50%.

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