AVN 64.80 Increased By ▲ 0.63 (0.98%)
BAFL 30.90 Increased By ▲ 1.00 (3.34%)
BOP 4.73 Increased By ▲ 0.10 (2.16%)
CNERGY 3.87 Decreased By ▼ -0.02 (-0.51%)
DFML 13.44 Increased By ▲ 0.09 (0.67%)
DGKC 41.34 Increased By ▲ 0.49 (1.2%)
EPCL 46.23 Decreased By ▼ -0.77 (-1.64%)
FCCL 11.39 Increased By ▲ 0.39 (3.55%)
FFL 5.05 Decreased By ▼ -0.03 (-0.59%)
FLYNG 5.81 Increased By ▲ 0.04 (0.69%)
GGL 9.90 Increased By ▲ 0.15 (1.54%)
HUBC 64.06 Increased By ▲ 2.11 (3.41%)
HUMNL 5.67 Increased By ▲ 0.02 (0.35%)
KAPCO 27.83 Increased By ▲ 0.25 (0.91%)
KEL 2.13 Decreased By ▼ -0.02 (-0.93%)
LOTCHEM 24.35 Increased By ▲ 0.05 (0.21%)
MLCF 21.36 Increased By ▲ 0.64 (3.09%)
NETSOL 84.43 Increased By ▲ 1.33 (1.6%)
OGDC 87.80 Increased By ▲ 1.75 (2.03%)
PAEL 10.92 Increased By ▲ 0.12 (1.11%)
PIBTL 4.17 Increased By ▲ 0.03 (0.72%)
PPL 77.53 Increased By ▲ 1.34 (1.76%)
PRL 13.65 Decreased By ▼ -0.01 (-0.07%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 41.75 Increased By ▲ 1.00 (2.45%)
TELE 5.89 Increased By ▲ 0.01 (0.17%)
TPLP 15.81 Increased By ▲ 0.16 (1.02%)
TRG 112.65 Increased By ▲ 2.55 (2.32%)
UNITY 13.97 Increased By ▲ 0.22 (1.6%)
WTL 1.14 Decreased By ▼ -0.01 (-0.87%)
BR100 4,048 Increased By 80.6 (2.03%)
BR30 14,467 Increased By 282.1 (1.99%)
KSE100 40,673 Increased By 801.8 (2.01%)
KSE30 15,190 Increased By 292.7 (1.96%)
Follow us

WASHINGTON: The number of Americans filing new claims for unemployment benefits fell last week as demand for labor remained strong, positioning the economy for another month of solid job gains.

Initial claims for state unemployment benefits decreased 15,000 to a seasonally adjusted 214,000 for the week ended March 12, the Labor Department said on Thursday. Economists polled by Reuters had forecast 220,000 applications for the latest week.

Claims have dropped from a record high of 6.149 million in early April 2020. Russia’s three-week old war against Ukraine poses a risk to the labor market through disruptions of supply chains and higher gasoline prices. But economists are optimistic the labor market and economy will ride out the storm.

There were 11.3 million job openings at the end of January, with a record 1.8 open positions per unemployed person. This misalignment between demand for labor and supply is boosting wage growth, contributing to high inflation.

US consumer prices accelerate in February; weekly jobless claims rise

The Federal Reserve on Wednesday raised its policy interest rate by 25 basis points, the first hike in more than three years, and laid out an aggressive plan to push borrowing costs to restrictive levels by 2023.

Fed Chair Jerome Powell described the labor market as “extremely” tight, telling reporters that “we think this labor market can handle, as I mentioned, tighter monetary policy, and the overall economy can as well.”

Last week’s claims data covered the period during which the government surveyed business establishments for the nonfarm payrolls component of March’s employment report. Claims fell considerably between the February and March survey periods.

The economy created 678,000 jobs in February. Employment growth has been aided by the return of some workers to the labor force amid a significant decline in COVID-19 infections.

Comments

Comments are closed.

US weekly jobless claims fall amid strong demand for workers

Dar meets IMF review mission, apprises it of planned power sector reforms

After 29 successive losses, rupee sees some gain, settles at 267.89 against US dollar

US Fed starts policy meeting with smaller rate hike likely

We must put our house in order, says Asif after Peshawar mosque bombing

Corps commanders resolve to bring perpetrators of Peshawar attack to ‘exemplary justice’

Inflationary pressure expected to calm down gradually: Finance Division

KSE-100 jumps 800 points owing to optimism over IMF talks

Pakistan’s performance worsens, rank remains same in corruption perception index

Police foil terrorist attack on Mianwali police station

Barrick Gold makes first payment of $3mn to Balochistan govt