US Job Market Stays Strong as Applications for Jobless Benefits Inch Lower
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
US Job Market Stays Strong as Applications for Jobless Benefits Inch Lower
US Job Market , Stays Strong as Applications for , Jobless Benefits Inch Lower.
ABC reports that slightly fewer people in the United States
applied for jobless claims last week, indicating that the
labor market remains resilient despite high interest rates.
ABC reports that slightly fewer people in the United States
applied for jobless claims last week, indicating that the
labor market remains resilient despite high interest rates.
On November 9, the Labor Department reported
that applications for unemployment benefits fell
to 217,000 the week ending November 4.
.
On November 9, the Labor Department reported
that applications for unemployment benefits fell
to 217,000 the week ending November 4.
.
Meanwhile, the four-week moving
average of claims inched higher
by 1,500 to reach 212,250.
.
The week ending October 28, 1.83 million people were
collecting unemployment benefits, up 22,000 from
the week before and the highest number since April.
ABC reports that analysts suggest "continuing claims"
may be rising because those who are unemployed
may be having a harder time finding available jobs.
In September, consumer prices were up 3.7%
compared to the same time in 2022, but down from
a peak 9.1% that was reached in June of last year.
.
In September, consumer prices were up 3.7%
compared to the same time in 2022, but down from
a peak 9.1% that was reached in June of last year.
.
Last week, the Labor Department reported
that 9.6 million job openings had been
posted by employers in September.
.
That figure is up from
9.5 million in August.
.
That figure is up from
9.5 million in August.
.
Over the same period of time,
layoffs fell from 1.7 million to 1.5 million.
.
Over the same period of time,
layoffs fell from 1.7 million to 1.5 million.
.
Hiring slowed in October, with U.S. private employers
adding just 150,000 jobs, while remaining strong
enough to suggest that the economy remains resilient.
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Mortgage Rates Continue , to Fall, Raising Hopes of the , Fed Cutting Rates.
ABC reports that borrowing costs for
home loans continued to ease this week,
with the average rate on a 30-year mortgage
falling to its lowest level since April.
According to mortgage buyer
Freddie Mac, the rate fell from
6.95% to 6.87% last week. .
That figure is still significantly higher than
what the rate was during the same time last year,
which was at an average of 6.67%. .
15-year fixed-rate mortgages
also eased, falling from
6.17% last week to 6.13%. .
During the same time last year,
the average rate was at 6.03%.
Those higher rates can add hundreds of dollars
to monthly costs for borrowers, which limits the
purchasing options of potential homebuyers.
Mortgage rates fell for
the third straight week
following signs of cooling
inflation and market
expectations of a
future Fed rate cut, Sam Khater, Freddie Mac’s chief economist, via ABC.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
Due to yields also beginning to ease, the Federal
Reserve could start to drop its main interest rate
after hiking it up to the highest level in over 20 years.
Last week, Fed officials suggested that they would make
just one cut to their benchmark interest rate in 2024,
down from previous projections of three cuts for the year.
Credit: Wibbitz Top Stories Duration: 01:31Published
Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.
Last week, the number of people in the
United States filing for unemployment benefits
reached the highest level in ten months last week. .
ABC reports that the news comes as a potential
sign that the U.S. labor market may be slowing
under the burden of high interest rates. .
The week ending June 8 saw
applications for jobless benefits
rise by 13,000 to reach 242,000. .
According to Labor Department
data, that is up from 229,000 new
applications the week before.
The number also represents the highest
number of new applications since August
of 2023, while also being significantly higher
than the 225,000 new claims forecast.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
Since March of 2022, the Federal Reserve has raised
benchmark rates 11 times in an attempt to reign in
inflation which has risen to a four-decade high.
While the latest data suggests that consumer
inflation cooled in May, the Federal Reserve
has decided to leave rates at a 23-year high.
According to Fed Chair Jerome Powell, officials
are waiting for more evidence that prices
are reaching their target of two percent.
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1. .
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1.
Credit: Wibbitz Top Stories Duration: 01:30Published
T-Mobile Announces Deal , to Acquire Most of , U.S. Cellular .
T-Mobile Announces Deal , to Acquire Most of , U.S. Cellular .
On May 28, T-Mobile announced that
it will acquire most of competitor
U.S. Cellular in a massive $4.4 billion deal.
ABC reports that the deal would give T-Mobile,
already one of the largest wireless providers in
the United States, an additional 4 million customers.
ABC reports that the deal would give T-Mobile,
already one of the largest wireless providers in
the United States, an additional 4 million customers.
The deal will also see T-Mobile acquire
hundreds of brick-and-mortar stores
and a wider presence in rural areas.
The deal will also see T-Mobile acquire
hundreds of brick-and-mortar stores
and a wider presence in rural areas.
The acquisition will also expand T-Mobile's
spectrum rights, a federal license permitting
the transmission of mobile signals.
According to T-Mobile, the deal
is expected to close sometime
in the middle of 2025.
As customers from both
companies will get more
coverage and more capacity
from our combined footprint,
our competitors will be forced
to keep up -- and even more
consumers will benefit, Mike Sievert, CEO of T-Mobile, via ABC.
As customers from both
companies will get more
coverage and more capacity
from our combined footprint,
our competitors will be forced
to keep up -- and even more
consumers will benefit, Mike Sievert, CEO of T-Mobile, via ABC.
T-Mobile added that U.S. Cellular
will retain control of a portion of the
company's spectrum rights and cellular towers. .
According to T-Mobile, the deal will provide
customers with more competitive options to the
two largest U.S. wireless carriers: Verizon and AT&T.
According to T-Mobile, the deal will provide
customers with more competitive options to the
two largest U.S. wireless carriers: Verizon and AT&T.
By tapping into the additional
capacity and coverage created
through the combined spectrum
and wireless assets, T-Mobile
will spur competition, T-Mobile statement, via ABC.
The news comes after a series of
acquisitions for T-Mobile aimed at
accelerating the wireless provider's growth
Credit: Wibbitz Top Stories Duration: 01:31Published
Labor Market Remains Strong as, Unemployment Claims , Continue to Fall.
ABC reports that the number of applications for
unemployment in the United States fell sharply
last week, signaling a..
Credit: Wibbitz Top Stories Duration: 01:31Published
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