U.S. Initial Jobless Claims Drop to Nearly 57-Year Low

Last week, the number of new applications for unemployment benefits in the United States fell to its lowest level in nearly 57 years, as layoffs decreased and the labor market stabilized. According to the U.S. Department of Labor, for the week ending October 17, the preliminary number of jobless claims in various states decreased by 6,000, adjusted for seasonal variations, to 194,000, approaching the mid-July figure of 189,000, which is the lowest since 1969. Economists believe that strong domestic demand in the U.S. has driven profits up, protecting workers from layoffs. However, as the conflict between the U.S. and Iran intensifies, tightening financial conditions and rising interest rates may suppress the performance of the labor market next year.

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