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Thursday, September 29, 2022

Unemployment aid requests slightly increased in US

The number of people applying for jobless aid in the United States rose slightly last week as the Federal Reserve tries to cool the economy and curb inflation.

The Labor Department said Thursday that jobless claims rose by 5,000 to 213,000 for the week ended September 17. Last week’s figure was cut from 5,000 to 208,000, the lowest since May.

Applications generally reflect layoffs.

The four-week average, which offset weekly volatility, fell from 6,000 to 216,750.

on Wednesday, The Federal Reserve raised its benchmark short-term rate by more than three-quarters of a point, in an effort to reduce persistent inflation which is at its highest level in decades. Although gasoline prices have been falling since the summer, food and other essential supplies remain so high that the Fed has indicated that rates will continue to rise until they return to normal levels.

Fed officials point to the impressive resilience of US labor markets as additional justification for raising the rate five times this year, including three consecutive quarter-point increases.

The central bank’s move on Wednesday raised its short-term rate, which affects loans to consumers and businesses, to between 3% and 3.25%, the highest level since early 2008. Officials estimate this will push the rate up to about 4.4%. At the end of the year, one point higher than their forecast in June.

Fed Chairman Jerome Powell said that before bank officials consider reining in hikes, they want to feel confident that inflation is returning to its 2% target.

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World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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