US Jobless Claims Match 57-Year Low at 189,000 as Worker Gloom Deepens
Updated
Updated · Yahoo Finance · Nov 7
US Jobless Claims Match 57-Year Low at 189,000 as Worker Gloom Deepens
2 articles · Updated · Yahoo Finance · Nov 7
Summary
Initial US jobless claims fell to 189,000 last week, matching a 57-year low even as the labor market shows little sign of broad-based hiring.
43,994 announced job cuts in October—down about 71% from a year earlier—and a 4.1% unemployment rate suggest employers are retaining staff, but much of the 444,692 hiring announcements reflected seasonal holiday demand.
Amazon is still cutting jobs during its holiday ramp, underscoring a market that protects existing workers while offering fewer openings to job seekers as companies lean on stronger productivity instead of new hiring.
48.1 on the University of Michigan sentiment index in September shows workers remain deeply pessimistic, with real hourly pay slipping from its January peak and weak confidence threatening discretionary holiday spending in coming months.