US jobless claims tumble to nine-week low

Source: MarketWatch

“The number of people who applied for unemployment benefits at the end of August fell to a nine-week low of 232,000, showing no sign that a slowing U.S. economy is triggering widespread layoffs. New jobless claims declined by 5,000 in the seven days ended Aug. 27 from a revised 237,000 (initially 242,000) in the prior week. The number of people applying for jobless benefits is one of the best barometers of whether the economy is getting better or worse. New unemployment filings had fallen to as low as 166,000 in late March — the second-fewest on record — before turning higher over the summer. They recently topped out at 261,000 before edging lower again.” (09/01/22)