US Jobless Claims Fall by 1,000, Employers ‘Hoarding’ Workers

US initial jobless claims dropped by 1,000 last week to a total of 217,000, the US Department of Labor reported today. The previous week’s level was revised upward by 1,000.

Economists polled by Reuters had forecast 220,000 claims for the latest week.

Reuters noted that though there has been an increase in layoffs in interest rate-sensitive sectors of the economy like finance, technology and housing, employers have generally been hoarding workers as labor remains scarce in some service industries.

Meanwhile, the four-week moving average of claims fell by 500 in the week ended Oct. 29 to a level of 218,750.

Original Article: (https://www2.staffingindustry.com/Editorial/Daily-News/US-jobless-claims-fall-by-1-000-employers-hoarding-workers-63529)