Overview

• The number of Americans applying for jobless benefits rose by 10,000 to 210,000 for the week ending Oct. 21, according to the Labor Department. The previous week's applications were the fewest in eight months.
• Approximately 2,519 individuals in Massachusetts filed new claims for unemployment benefits last week, up 129 from the week prior.
• Despite rising jobless claims, the labor market continues to show strength as the US economy weathers high interest rates and inflation. In a bid to combat sustained inflation, the Federal Reserve has raised its benchmark interest rate 11 times since March 2022.
• In September, US employers added 336,000 jobs, averaging a robust gain of 266,000 jobs for the past three months. The unemployment rate climbed from 3.5% to 3.8%, due primarily to about 736,000 people resuming their job search.
• Surprising data shows that in August, American employers posted 9.6 million job openings, significantly more than anticipated. This represents the first increase in job openings in the past three months.