Jobs market in US maintains strength amidst slight slowdown in factories
October 24, 2014 8:45 am
The number of new claims for jobless benefits in the US continued to hold below 300,000 for the sixth consecutive week last week, indicating that the labor market has managed to shake off fears of global economic weakness.
The US’ manufacturing industry, however, seems to have been hit by the slowdown in foreign countries, particularly in the eurozone and China. Despite the trouble it has caused in financial markets around the world, the US economy is still in relatively good condition with is third quarter growth rate forecast to surpass the annual 3% rate.
Latest data released on Thursday showed that activity levels in factories across the country fell to the lowest level in three months during the early part of October, but still showed healthy growth.
Based on the Labor Department’s report, claims for unemployment benefits grew by 17,000 to a seasonally adjust total of 283,000 as of the week of October 18th, after decreasing for three consecutive weeks. The four week average number of claims declined as well to the lowest in over 14 years.
The purchasing managers’ index of Markit Economics was at 56.2 this month, down from September’s 57.5, but still above the 50 level that separates growth from contraction. The level was helped by the improvement in jobs created that offset a drop in new orders and in new export sales.
The material has been provided by InstaForex Company – www.instaforex.com
The number of new claims for jobless benefits in the US continued to hold below 300,000 for the sixth consecutive week last week, indicating that the labor market has managed to shake off fears of global economic weakness.
The US’ manufacturing industry, however, seems to have been hit by the slowdown in foreign countries, particularly in the eurozone and China. Despite the trouble it has caused in financial markets around the world, the US economy is still in relatively good condition with is third quarter growth rate forecast to surpass the annual 3% rate.
Latest data released on Thursday showed that activity levels in factories across the country fell to the lowest level in three months during the early part of October, but still showed healthy growth.
Based on the Labor Department’s report, claims for unemployment benefits grew by 17,000 to a seasonally adjust total of 283,000 as of the week of October 18th, after decreasing for three consecutive weeks. The four week average number of claims declined as well to the lowest in over 14 years.
The purchasing managers’ index of Markit Economics was at 56.2 this month, down from September’s 57.5, but still above the 50 level that separates growth from contraction. The level was helped by the improvement in jobs created that offset a drop in new orders and in new export sales.
The material has been provided by InstaForex Company – www.instaforex.com
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