US labor market holding steady, but job opportunities dwindling

[groundloop]

Source: MSN

The number of Americans filing new applications for unemployment benefits increased slightly last week, suggesting the labor market remained stable in March, though the outlook is darkening amid rising trade tensions and deep cuts in government spending.

Despite the low level of layoffs, more people are staying on jobless rolls longer compared to the same period last year, the report from the Labor Department on Thursday showed.

Economists say still-high interest rates and policy uncertainty, especially around import tariffs, are making companies cautious about increasing headcount.

The Federal Reserve on Wednesday held its benchmark overnight interest rate in the 4.25%-4.50% range, an acknowledgement of the uncertainty swirling around the economy. U.S. central bank policymakers, however, indicated they still anticipated reducing borrowing costs by half a percentage point by the end of this year.

Read more: https://www.msn.com/en-us/money/markets/us-labor-market-holding-steady-but-job-opportunities-dwindling/ar-AA1BkfBt

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It doesn't seem like the multiple thousands of suddenly unemployed people who have been kicked to the curb by Elmo have shown up in unemployment numbers yet. This is bound to get worse.

[progree]

1. From the source:

https://www.dol.gov/ui/data.pdf
I mostly look at this for the graphs and for the insured unemployment aka continuing claims.
There is a bit of a trend upward beginning January 1, but not a biggie

In the week ending March 15, the advance figure for seasonally adjusted initial claims was 223,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 220,000 to 221,000. The 4-week moving average was 227,000, an increase of 750 from the previous week's revised average. The previous week's average was revised up by 250 from 226,000 to 226,250.

The advance seasonally adjusted insured unemployment rate ((aka continuing claims -ed)) was 1.2 percent for the week ending March 8, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 8 was 1,892,000, an increase of 33,000 from the previous week's revised level. The previous week's level was revised down by 11,000 from 1,870,000 to 1,859,000. The 4-week moving average was 1,875,750, an increase of 6,250 from the previous week's revised average. The previous week's average was revised down by 2,750 from 1,872,250 to 1,869,500.

. . .

Initial claims for UI benefits filed by former Federal civilian employees totaled 1,066 in the week ending March 8, a
decrease of 514 from the prior week. There were 472 initial claims filed by newly discharged veterans, an increase of
108 from the preceding week.

There were 8,648 continued weeks claimed filed by former Federal civilian employees the week ending March 1, an
increase of 433 from the previous week. Newly discharged veterans claiming benefits totaled 4,272, a decrease of 104
from the prior week.