"US Jobless Claims Drop Amidst Fraudulent Activity in Massachusetts"
TL;DR Summary
The number of Americans filing for unemployment benefits fell by 22,000 to 242,000 last week, the most since 2021, after fraudulent claims in Massachusetts inflated data in previous weeks. Continuing claims dropped to 1.79 million. However, economists warn that it's difficult to get a clear picture of the labor market due to the fraudulent claims. Layoffs are on the rise, job openings are declining, and jobless claims are steadily ticking higher. The Fed expects unemployment to rise to 4.6% by the end of next year, up from the current rate of 3.5%.
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