U.S. continuing jobless claims reach 1.897 million, a three-year high; job postings down 27.4%.

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The U.S. labor market is showing troubling signs, with continuing jobless claims skyrocketing to a three-year high. For the week ending October 12, 2024, continuing claims reached 1.897 million, the highest level seen in almost three years. This increase raises concerns about the stability of employment as more individuals find themselves unemployed for extended periods.

In contrast, initial jobless claims for the week ending October 19 fell to 227,000, lower than the anticipated 242,000. While this might seem encouraging, it masks a deeper issue—the labor market’s overall deterioration.

The Chicago Fed National Activity Index also tells a bleak story, dropping to -0.28 in September from -0.01 in August, signaling a significant slowdown in economic activity.

Job postings have plunged 27.4% year-over-year, hitting their lowest point since January 2021. For 2.5 years, job postings have consistently declined, totaling a 45% drop since the peak in February 2022. This decline has resulted in job vacancies returning to pre-pandemic levels last seen in February 2020.

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Despite reports from the Bureau of Labor Statistics showing a 329,000 increase in job openings from July to August, this figure is likely misleading. The latest Indeed data suggests a significant downward trend in job postings, indicating that future job openings may also decrease.

The mixed signals from the labor market—lower initial claims alongside rising continuing claims—paint a troubling picture. It seems some sectors are still growing, but many others are struggling to keep up, leading to an overall deterioration of job security for many Americans.

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