The number of Americans who filed new claims for benefits for unemployment dropped last week, as sea conditions working market remain tense despite aggressive interest rate hikes from the Federal Reserve.
The Labor Department reported Thursday that initial claims for state unemployment benefits decreased by 10,000, to a seasonally adjusted 230,000, for the week ending August 19. The previous week’s level was revised slightly upwards by 1,000 orders. Economists polled by Reuters had expected 240,000 applications for the last week.
The labor market continues to defy expectations in the face of aggressive Federal Reserve rate hikes since March 2022, as businesses hoard workers after struggling to find labor during the coronavirus pandemic. COVID-19.
The strength of the labor market and the decline in the inflation fuel optimism that the economy could avoid a recession.
The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased by 9,000 to 1.702 million during the week ending August 12, the report showed.
So-called continuing claims remain low compared to historical levels, indicating that some laid-off workers are experiencing short periods of unemployment.
Source: Gestion
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