The number of Americans applying for unemployment benefits ticked up slightly in the final week of September, according to new data from Haver Analytics. The small increase suggests that
layoffs remain low, even as hiring continues to slow.
For the week ending September 27, initial claims for state unemployment benefits rose to a seasonally adjusted 224,269, up from 218,589 the previous week, Haver reported.
Because the federal government has been shut down for six days due to a lapse in funding, the Labor Department has temporarily stopped publishing official economic data. However, state agencies are still collecting unemployment claim figures and uploading them to the department’s database, which remains accessible. The shutdown has also delayed the release of the key September jobs report—an important indicator for the Federal Reserve, businesses, and households making financial decisions.
The job market appears to be stuck in a holding pattern. Companies aren’t laying off workers in large numbers, but they’re also hesitant to bring on new employees. Economists attribute this stagnation to a combination of President Donald Trump’s trade and immigration policies and the growing influence of artificial intelligence, both of which have dampened demand for labor and limited the available workforce.
Recent government data showed there were 0.98 job openings for every unemployed person in August, down slightly from 1.0 in July. With fewer hiring opportunities, more people are staying unemployed for longer periods and continuing to rely on benefits. Photo by Phil Whitehouse, Wikimedia commons.
