Right now, a bunch of New York is underwater (New Orleans, too, but nobody had their cousin’s bachelorette party or whatever planned for this weekend so just cue up Kanye there). Meanwhile, nearly half of the United States is suffering from catastrophic drought conditions.
But hey, for those people who aren’t swimming for their lives or on fire, what a time to be looking for a career change! The labor market is on fir…err, let’s say on track to enter autumn in a very impressive condition.
The number of Americans filing new claims for jobless benefits fell last week, while layoffs dropped to their lowest level in more than 24 years in August, suggesting the labor market was charging ahead even as new COVID-19 infections surge.
Well, that’s good new! Nobody likes to finally get off the ventilator and come back to their remote work station only to find that they’ve been laid off.
Oh, and the stock market: the stock market loves it.
Ahead of a key monthly report on job gains, a new print on weekly unemployment claims came in lower than expected, underscoring further improvements in the economic recovery.
The S&P 500 advanced to an all-time high. The Nasdaq also rose to set a fresh intraday record before paring some gains during the afternoon session.
So, there you have it. Americans are getting back to work. That is, as long as they haven’t washed away, become severely dehydrated, been admitted to an intensive care unit, or been consumed in a conflagration.
U.S. labor market powers ahead as weekly jobless claims fall, layoffs hit 24-year low [Reuters]
Stock market news live updates: Stocks rise to record highs after jobless claims hit pandemic-era low [Yahoo Finance]
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