Four-Week Average Trends Lower
The four-week moving average of initial claims, which smooths out weekly fluctuations, fell by 3,500 to 227,500. This downward trend further supports the notion of a robust job market, with fewer workers seeking unemployment benefits.
Insured Unemployment Rate Stable
The insured unemployment rate remained steady at 1.2% for the week ending September 7, while the number of individuals receiving unemployment benefits decreased by 14,000 to 1,829,000.
Manufacturing Sector Shows Mixed Performance
The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey for September 2024 revealed a complex picture of regional industrial activity. The current general activity index turned positive, rising to 1.7 from -7.0 in the previous month. However, new orders and shipments indices declined…
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