ICYMI: Jobless claims fall below 300,000 for the first time since the pandemic began.
Initial jobless claims fell below 300,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department said Thursday.
Also, continuing claims, which run a week behind the headline number, fell by 134,000 to 2.59 million, another pandemic-era low. Excluding food and energy, the core PPI rose just 0.1% versus the 0.5% forecast, putting the 12-month gain at 5.9%, the highest level since March 1982. The drop in claims comes at an important time for the labor market, which has added jobs over the past two months at a decidedly slower-than-expected pace – 366,000 in August and 194,000 in September, leaving the household employment total still more than 5 million shy of where it was pre-pandemic.
One big concern now for the Fed is rising inflation, and Thursday's data showed continuing but concentrated pressures.
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