Applications for US state unemployment benefits bounced back last week to the lowest in a month in a broad-based decline, signaling an ongoing improvement in the labor market.
Source: US Department of Labor
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Initial unemployment claims in regular state programs amounted to 326,000 in the week ended October 2, a decline of 38,000 from the prior week.
Continuing claims for state benefits dropped to 2.7 million in the week ended September 25.
Layoffs have cooled down amid an improving US economy, with companies now focused on hiring and retaining workers. The significant increase in demand has outpaced businesses’ ability to hire.
That situation has led to production slowdowns and even temporary layoffs at some companies, driving extra stir in the weekly initial claims figures.
Unadjusted initial claims in California fell by more than 10,000, the most among the states. Applications also decreased in Michigan, Texas, and Washington, DC.