U.S. weekly jobless claims fall sharply last week; producer prices increase in September

U.S. weekly jobless claims fall sharply last week; producer prices increase in September

The number of Americans filing new claims for unemployment benefits fell close to a 19-month low last week, further evidence that a shortage of workers was behind slower job growth rather than weakening demand for labor, Trend reports with reference to TASS.

Initial claims for state unemployment benefits dropped 36,000 to a seasonally adjusted 293,000 for the week ended Oct. 9. That was lowest level since mid-March 2020. Economists polled by Reuters had forecast 316,000 claims for the latest week.

With the second straight weekly decline, claims are now in the upper-end of the 250,000-300,000 range that is viewed as consistent with a healthy labor market. Claims have dropped from a record high of 6.149 million in early April 2020.

The government reported last Friday that nonfarm payrolls increased by only 194,000 jobs in September, the fewest in nine months. The cooling in employment growth is mostly due to a dearth of workers as well as skills mismatch, with government data on Tuesday showing there were 10.4 million job openings at the end of August.

Labor shortages, caused by the COVID-19 pandemic, are also prevalent in other economies. With coronavirus infections driven by the Delta variant declining and schools fully reopened for in-person learning, there is hope that more Americans will rejoin the labor force.

The labor crunch could also ease in the months ahead following the expiration of federal government-funded benefits in early September. But amid increased self employment and massive savings as well as early retirements, thanks to a strong stock market and record house price gains, the labor pool could remain shallow for a while.

The scarcity of labor is choking up the supply chain because there are fewer workers to produce raw materials and goods as well as shipping them to markets, fanning inflation.

In another report on Thursday, the Labor Department said its producer price index for final demand increased 0.5% in September after advancing 0.7% in August. In the 12 months through September, the PPI accelerated 8.6%, the largest year-on-year advance since November 2010 when the series was revamped, after surging 8.3% in August.

Economists polled by Reuters had forecast the PPI gaining 0.6% on a monthly basis and increasing 8.7% year-on-year.

The report followed on the heels of news on Wednesday of a solid increase in consumer prices in September, driven by strong gains in food and rents as well as a range of other goods.

Minutes of the Federal Reserve's Sept. 21-22 policy meeting published on Wednesday showed some U.S. central bank officials "expressed concerns that elevated rates of inflation could feed through into longer-term inflation expectations of households and businesses."

Subscribe to Trend in Google News! Subscribe
Oil gains as traders await stocks data, Iran talks
Oil gains as traders await stocks data, Iran talks
Egypt not to extend years-long state of emergency: president
Egypt not to extend years-long state of emergency: president
Seven killed, 140 hurt in protests against Sudan military coup
Seven killed, 140 hurt in protests against Sudan military coup
Loading Bars
Latest
Indian economy likely to record 9.5 pc growth this fiscal: Reports
Iran to complete transit routes - official
Physical gas flows, nominations at TAP’s interconnections
Kazakhstan’s KMG-Security LLP opens tender to buy diesel fuel
Some forces trying to break stability in region - Secretary of Security Council of Azerbaijan
Georgia releases data on COVID-19 cases for October 26
Uzbekistan takes measures to prevent changes in gas prices
Azerbaijan's International Anti-Terrorism Training Center holds opening ceremony for "National Security" course (PHOTO)
Revanchist forces in Armenia engaged in anti-propaganda campaign against Azerbaijan - State Security Service
SOCAR’s Kulevi Oil Terminal conducts contractor performance evaluation
Azerbaijani oil prices continue to rise
Kazakh president proposed to create interstate border trade zone with Turkmenistan
Reps of SMEs of Russia’s Yaroslav in Azerbaijan in search for potential partners - Russian official
Iran’s Shiraz Petrochemical Company records increase in revenues
UK's Heathrow Airport flags tepid travel recovery until 2026
Iranian currency rates for October 26
Georgia lowers import of Turkish-made leather goods
Majority of foreign investmens in Iran made in industrial, mining and trade sectors
Azerbaijani expert talks danger of new AY.4.2 variant of COVID-19
Value of cement supplies from Turkey to Turkmenistan rises
Law firm advising LUKOIL in acquisition of 15.5% interest in Shah Deniz named
PM Modi to attend ASEAN-India Summit virtually on Oct 28
Iran shares data on agricultural exports from Hamedan Province
Iran, Japan to collaborate in rural cooperatives sector
Apple importer iDigital plans TASE IPO at NIS 1b valuation
Turkey notes growth in cement exports to Uzbekistan
Azerbaijan prolongs program of cooperation with FAO
Oil gains as traders await stocks data, Iran talks
Embassy of Hungary with support of AZAL presents “Treasures of Hungary” photo exhibition (PHOTO)
U.S. Treasury's Yellen raised 'issues of concern' with Chinese Vice Premier Liu -statement
1,353 more COVID-19 cases reported in Kazakhstan
From digital transformation to strategic priorities: Siemens talks work in Uzbekistan (Exclusive)
Chinese Xi congratulates Mirziyoyev on election as Uzbek president
Man shot inside Union Square subway station in New York
Facebook invests billions in metaverse efforts as ad business slows
Egypt not to extend years-long state of emergency: president
Spain's COVID-19 cases top 5 mln
Seven killed, 140 hurt in protests against Sudan military coup
Western ambassadors took a step back, will be more careful: Erdogan
Tesla’s market value tops $1T after Hertz orders 100K cars
6 injured, including officer, in Idaho mall shooting
Saudi Arabia outlines plans under Mideast Green Initiative
British PM tells Putin Russia-UK relationship "is not the one" London wants
Chronicles of Victory: President Ilham Aliyev interviewed by Italian Rai 1 TV channel on October 26, 2020 (PHOTO/VIDEO)
Chronicles of Victory: President Ilham Aliyev addresses the nation on October 26, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 26, 2020
Development of financial technologies in Kyrgyzstan discussed in Bishkek
Georgian PM holds videoconference with Ukrainian, Moldovan counterparts
Modernization of our country, fight against unpleasant situations must reach a completely new level - President Ilham Aliyev
Master plan of Gubadli will probably be submitted in coming months - Azerbaijani president
Africa's COVID-19 cases near 8.5 mln: Africa CDC
For me, biggest reward is joy and pride in the eyes of former IDPs - Azerbaijani president
Second Karabakh war showed our strength and national spirit - President Ilham Aliyev
After 27 years, we ended occupation and drove enemy out of our lands - Azerbaijani president
Zangilan airport will be commissioned next year - President Aliyev
We will rebuild all villages of Gubadli district, including city of Gubadli - Azerbaijani president
After completion of restoration work in all liberated towns and villages, streets will be named after our martyrs - President Aliyev
Uzbekistan’s 9M2021 imports of Turkish leather goods increase
Azerbaijan defense minister meets leadership of Turkish National Defense University (PHOTO)
Azerbaijan, NATO talk prospects for co-op in various spheres (PHOTO)
Ernst & Young reveals total revenues of Uzbekneftegaz during 1H2021
Turkey shares data on cargo shipments via its Aliaga port
Iran talks exports of its nano products to Iraq, Turkey, Afghanistan
Azerbaijan’s State Tax Service expanding use of electronic signature
Turkey discloses volume of cargo shipment via Ambarli port in 9M2021
Iran sees increase in manufacturing of several industrial, mining products
Iran's trade turnover with Azerbaijan booming - IRICA
Azerbaijan’s timber imports from Russian region revealed
Iran's Energy Exchange announces products to be on sale on October 26
Turkmenistan, Kazakhstan sign number of bilateral co-op documents
Iran’s Bahar Azadi gold coin price slightly rising
Kazakhstan ready to significantly increase imports of Turkmen gas - President Tokayev
Azerbaijan publishes latest data on mine clearance work carried out in liberated lands
Georgia records highest budget deficit in ten years
Azeronline providing companies in Azerbaijan's liberated lands with Wi-Fi
Kazakhstan ready to increase trade with Turkmenistan
Azerbaijan to open embassy in Vatican
Program of Turkish president's visit to Azerbaijan announced
Airbus rejects pressure to curb record jet output goal
Azerbaijan to export Karabakh honey to France
Azerbaijan reveals funds allocated for drawing up master plan for Gubadli city
Galt & Taggart shares data on Georgia's tourism revenues growth
US data cloud giant Snowflake opens Israel office
Chinese oil company sells stake in Azerbaijan
Turkmenistan, Kazakhstan to dock telecommunication networks at border
It'll take time for Kazakhstan to accelerate its energy transition - Rystad Energy
Iran increases export by aid of private sector
Iran to reform budget plan structure
Azerbaijan discloses timing of booster vaccination for COVID-19 infected persons
Participants of online Global Poster and Painting Competition 2021 felicitated (PHOTO)
Azerbaijani defense minister meets NATO official (PHOTO)
Output volume at Azerbaijan’s Kursangi, Garabagli fields revealed
Fitch places credit ratings of 4 Qatari banks on negative watch
Kazakhstan to raise solid waste disposal share
Uzbekistan eyes implementation of joint projects with Russia
Azerbaijan shares data on number of vaccinated citizens
Hertz orders 100,000 Tesla cars for end of 2022
Azerbaijan confirms 1,477 more COVID-19 cases, 628 recoveries
Kazakh National Bank positively assesses development dynamics in domestic real sector
Azerbaijan exceeds honey production plan
All news