08/08/2024

Weekly Jobless Claims Fall to 233,000

This is considered a positive sign for the labor minute

Initial claims for unemployment insurance totaled less than expected last week, countering other signs that the labor market is weakening.

First-time filings for jobless benefits came to a seasonally adjusted 233,000 for the week, a decline of 17,000 from the previous week’s upwardly revised level and lower than the Dow Jones estimate for 240,000, the Labor Department said Thursday.

The report comes with Wall Street on edge amid signs that job growth is slowing and even signaling a potential recession on the horizon. Stock market futures, which had been negative earlier, turned sharply positive following the 8:30 a.m. ET release while Treasury yields held higher.

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