Labor Market Gains Fading

Initial jobless claims filed under state programs, unexpectedly rose by over 50k for the week ending October 10th to 898k, the highest level in nearly two months. Continuing claims fell from 11,186k to 10,018k for the week ending October 3rd. This apparent improvement is a bit deceptive as it’s likely reflecting those Americans who have exhausted their 26 weeks of state benefits, rather than actually finding work.

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