Weekly jobless claims unexpectedly fell by 15,000 last week.

Weekly Jobless Claims Fell Unexpectedly 15k Last Week

and we're getting a fresh look at the labor market today, we get this read every thursday morning as companies do trim their workforces. That's been an ongoing story and certainly a big one this week, but this morning, first time unemployment benefits, those claims unexpectedly fell last week from the week before and by quite a bit. So 15,000 fewer claims were filed, signaling is still tight labor market, you could call it a bifurcated labor market Might seem like it contradicts some recent layoffs across the tech sector. A lot of layoffs in fact, but we reported here on Cheddar news about those tens of thousands of workers collectively losing their jobs from firms this week, like Microsoft and Amazon just between those two companies, about 30,000 layoffs. And we're also learning that we work now is gonna shed about 300 of its staffers, so we'll have more on that in a moment. But here's the key. You might be wondering how to jobless claims. How does that number make sense when we do see layoffs. So, these claims usually don't reflect wide scale layoffs at companies and that's for a few reasons. It does take some time for workers to actually be able to file these claims. The recent layoffs for instance, were past the deadline to file the claims that accounted for the data that we saw this morning. Um people also might be able to find a job rather quickly so they might not need these benefits and workers who are laid off. I usually do get severance from their former employer, meaning that individuals wouldn't be filing for those unemployment claims, at least not right away.