The Dow Jones (DJIA) is set to open Thursday’s trading session in the red despite upbeat labor market data from the Labor Department. The index has closed lower during the past two days.
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Initial jobless claims for the week ended September 20 fell by 14,000 to 218,000, below the estimate of 235,000. Furthermore, continuing jobless claims fell to 1.926 million from 1.928 million and were below the estimate of 1.932 million.
Jobless Claims Ease, but Labor Market Remains Fragile
After a brief surge at the beginning of the month, initial jobless claims have now fallen for two consecutive weeks. However, continuing jobless claims remain elevated compared to recent years.
The data suggest that employers remain hesitant to both fire and hire amid an uncertain economic backdrop. Earlier this week, Fed Chair Jerome Powell said “near-term risks to inflation are tilted to the upside and risks to employment to the downside – a challenging situation,” highlighting the challenges the Fed faces in implementing its dual mandate.
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