On October 3, 2024, the U.S. Department of Labor reported a rise of 6,000 in unemployment claims for the week ending September 28, bringing the total to 225,000. This figure slightly exceeded analyst projections of 221,000, indicating a potential cooling in the U.S. labor market.
The previous week’s claims were also revised upward from 218,000 to 219,000. The four-week moving average stood at 224,250, a decrease of 750 from the revised average of 225,000 claims.
These data precede the upcoming Payroll report, which is expected to show the creation of 150,000 jobs, surpassing August's figure of 142,000. As the labor market shows signs of cooling, the Federal Reserve is closely monitoring employment data to inform its future monetary policy decisions. On Monday, Fed Chair Jerome Powell stated that while the labor market remains 'solid,' it has 'clearly cooled' over the past year.