Initial claims for state unemployment benefits dropped 12,000 last week to a seasonally adjusted 219,000, suggesting a stronger labor market than anticipated.
Fed Chair Jerome Powell emphasized, "the time to support the labor market is when it's strong, and not when you begin to see the layoffs."
Despite a decrease in job openings and hiring, layoffs remain low, indicating resilience in certain sectors of the labor market.
Claims have been little changed after dropping from an 11-month high of 250,000 in late July, reflecting temporary issues in the auto industry.
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