The number of Americans claiming unemployment benefits fell to 222,000 last week, higher than expected

The U.S. Department of Labor (DOL) released data on Thursday (16th) showing that the number of initial claims for unemployment benefits fell last week, reversing the previous week\’s sharp seasonal increase in the number of initial claims for unemployment benefits, indicating a strong labor market.

The U.S. Department of Labor (DOL) released data on Thursday (16th) showing that the number of initial jobless claims fell last week, reversing the sharp increase in the number of initial jobless claims in the previous week due to seasonality, indicating a strong labor market.
A drop in the number of people claiming unemployment benefits last week showed a strong job market.
(Picture: ZeroHedge) Specifically, the adjusted number of people claiming unemployment benefits in the United States for the week ending May 11 was 222,000, higher than market expectations of 219,000, an increase of 1,000 from the revised 232,000 figure 4 The weekly moving average was 217,750.
The adjusted number of Americans continuing to claim unemployment benefits for the week ended May 4 was at 1.794 million, higher than market expectations of 1.78 million. It increased by 13,000 from the revised previous value of 1.781 million. The four-week moving average was at 1.77925 million.
Top: Chart of the number of initial claimants. Bottom: Chart of the number of people continuing to claim unemployment benefits (Figure: U.S. Department of Labor). The number of initial claimants for unemployment benefits rose to the highest level in more than eight months in the week ending May 4. This growth is significant. This is partly due to a surge in New York applicants tied to spring break for U.S. schools.
While the U.S. job market remains healthy it is steadily rebalancing after the Federal Reserve (Fed) raised interest rates by 525 basis points since March 2022 to cool overall economic demand.
It\’s worth noting that easing labor market conditions and a return to a downward trend in inflation raise the odds of a rate cut by the Fed in September.
The Fed last month left its benchmark overnight rate unchanged at its current range of 5.25% to 5.50%, where it has been since last July.
Fed Chairman Jerome Powell said this week that the job market is \”very strong\” but cooling.
Policymakers are trying to contain price pressures by weakening demand across the economy and looking for further signs that the job market is loosening.
\”As we had hoped, the supply and demand for workers is returning to a better balance,\” Ball told an event in Amsterdam on Tuesday hosted by the Foreign Bankers Association.
\”

Like (0)
Previous May 16, 2024 10:35 am
Next May 16, 2024 4:50 pm

Related posts