US jobless claims slightly up, mid-Atlantic factory data show moderation

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US jobless claims slightly up, mid-Atlantic factory data show moderation

Data released on Thursday, the 20th of December showed that, the US weekly initial jobless claims were slightly up, rising marginally from a four-yearly low last week, indicating a broader US economy and a salubrious strength in the labor market.

Other data released on Thursday, December 20th, showed that the factory activity remained moderate in the mid-Atlantic region in December. However, despite a sorrow depiction of mid-Atlantic factory activity, the manufacturers had been hiring more workers and remained upbeat regarding the business conditions over the next quarter of the year.

According to the labor department, initial jobless claims for unemployment benefits increased 8,000 to 2,14,000, in the weekend on December 15th. In the last week, the initial jobless claim had fallen in to 2,06.000, closer to mid-September, 2,02,000, when it was touching the lowest level since December, 1969.

The Federal Reserve raised the interest rate for the fourth times in the year, later on Wednesday, the 19th of December, however, they also forecasted fewer rate hikes next year in the wake of a financial market volatility and sluggish global growth.

The US Central bank said, “the labor market has continued to strengthen, and job gains has been strong, on average, in recent months”, while the labor department claimed that, there had been volatility in the recent weeks, in the face of an upcoming recession risk.