According to data released on Thursday, the number of jobless claims in the US for the week ending May 11 was 222,000, a decrease of 10,000 from last week, and slightly higher than the 220,000 expected by economists.
According to data released on Thursday, the number of jobless claims in the US for the week ending May 11 was 222,000, a decrease of 10,000 from last week, and slightly higher than the 220,000 expected by economists. According to reports, the number of jobless claims in the US rose to 231,000 at the beginning of the week ending May 4, the highest level in more than eight months. This is largely due to a surge in the number of people applying for unemployment benefits in New York in connection with school spring break. However, the decline in jobless claims at the beginning of the week ending May 11 is partly due to a drop in the number of jobless claims in New York.
Although the US labor market is still healthy, the labor market is steadily being rebalanced after the Federal Reserve raised interest rates by 525 basis points since March 2022. The easing of labor market conditions and a return to a downward trend in inflation have raised the possibility that the Federal Reserve will cut interest rates in September.
Federal Reserve Chairman Powell said earlier this week that the labor market is “very strong” but is gradually cooling down. Federal Reserve policymakers are trying to contain price pressure by weakening demand across the economy and look for further signs that the labor market is loosening.
Meanwhile, the number of renewed jobless claims in the US for the week ending May 4 was 1.794 million, higher than the seasonal forecast of 1.785 million and the previous value of 1.785 million. The four-week average number of jobless claims in the US at the beginning of May 11 was 217,700, the highest level since November last year, higher than the previous value of 215,000.