US weekly jobless claims rise marginally
Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 218,000 for the week ended July 26, the Labor Department said on Thursday (Jul 31). Economists polled by Reuters had forecast 224,000 claims for the latest week.
The labour market has slowed, with economists saying uncertainty over where President Donald Trump's tariff levels will eventually settle has left businesses wary of adding headcount. But labour supply has also declined amid the White House's immigration crackdown.
The Federal Reserve on Wednesday left its benchmark interest rate in the 4.25 per cent-4.50 per cent range, resisting pressure from President Donald Trump to lower borrowing costs. Fed Chair Jerome Powell told reporters the labour market was in balance. But he added because that was partly due to both demand and supply declining, 'we do see downside risk in the labour market.'
The central bank cut rates three times in 2024, with the last move coming in December. Most economists expect it to resume policy easing in September.
Employers' hesitancy to increase hiring means there are fewer jobs for those being laid off. Government data on Tuesday showed there were 1.06 job openings for every unemployed person in June compared with 1.33 in January.
The number of people receiving benefits after an initial week of aid, a proxy for hiring, were unchanged at a seasonally adjusted 1.946 million during the week ending July 19, the claims report showed.
The claims data has no bearing on July's employment report, due on Friday as it falls outside the survey period. Nonfarm payrolls likely increased by 110,000 jobs last month after rising 147,000 in June, a Reuters survey of economists showed.
The unemployment rate is forecast to rise to 4.2 per cent from 4.1 per cent in June. REUTERS
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35 minutes ago
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Straits Times
an hour ago
- Straits Times
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CNA
an hour ago
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