U.S. weekly unemployment claims tick up from five-month low
The number of Americans filing new claims for unemployment benefits rose slightly last week, while layoffs dropped to an 11-month low in July as labour market conditions remain tight.
Claims are in the lower end of their 194,000-265,000 range for this year, in part benefiting from difficulties adjusting the data for seasonal patterns. Aside from the technical issues, the overall labour market remains solid as employers hoard workers after struggling to find labour during the COVID-19 pandemic. While there have been high-profile layoffs in the technology and finance sectors, small businesses are still boosting head count after being squeezed out by large enterprises snapping up workers.The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 21,000 to 1.
Though a survey from the Institute for Supply Management this week showed a measure of manufacturing employment plummeted to a three-year low in July, other data support another month of solid payrolls gains. Data for the first quarter was revised higher to show productivity declining at a 1.2 per cent pace instead of the previously reported 2.1 per cent rate. Economists polled by Reuters had forecast productivity increasing at a 2.0 per cent rate. Productivity grew at a 1.3 per cent pace from a year ago. It had declined for five straight quarters on a year-on-year basis.
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