financetom
Economy
financetom
/
Economy
/
US weekly jobless claims fall more than expected; continuing claims rise
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US weekly jobless claims fall more than expected; continuing claims rise
Apr 11, 2024 6:34 AM

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting that the labor market remained fairly tight, though it could be taking longer for some laid off workers to land new jobs.

Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 211,000 for the week ended April 6, the Labor Department said on Thursday. Economists polled by Reuters had forecast 215,000 claims in the latest week.

Claims, however, tend to be volatile around this time of the year because of the Easter, Passover and public schools' spring breaks, whose timing shifts every year.

The labor market remains resilient despite 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 to tame inflation. Job growth accelerated in March, while the unemployment rate slipped to 3.8% from 3.9% in February. That is contributing to keeping inflation elevated, through higher prices for services.

Labor market strength and stubbornly high inflation have forced financial markets to push back their expectations for the first rate cut from the U.S. central bank to September from June. Minutes of the Fed's March 19-20 meeting showed officials worried that progress on inflation might have stalled.

The central bank has kept its policy rate in the 5.25%-5.50% range since July.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 28,000 to 1.817 million during the week ending March 30, the claims report showed.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Fed's Logan eyes more gradual rate cuts amid more balance sheet cuts
Fed's Logan eyes more gradual rate cuts amid more balance sheet cuts
Oct 21, 2024
NEW YORK (Reuters) - Federal Reserve Bank of Dallas President Lorie Logan said Monday she sees more rate cuts ahead for the central bank and suggested she sees no reasons why the Fed can't also press forward with shrinking its balance sheet. If the economy evolves as I currently expect, a strategy of gradually lowering the policy rate toward a...
Analysis-Latin America braces for US election impact on trade, tariffs
Analysis-Latin America braces for US election impact on trade, tariffs
Oct 21, 2024
Latin America is anxiously counting the days to Nov. 5, when U.S. voters will choose between relative continuity under Vice President Kamala Harris or a return to policies that triggered volatility in the region's largest markets and economies under former president Donald Trump. Trade and tariffs, as well as monetary policy's effect on global interest rates, are likely the largest...
US budget deficit tops $1.8 trillion in fiscal 2024, third-largest on record
US budget deficit tops $1.8 trillion in fiscal 2024, third-largest on record
Oct 18, 2024
WASHINGTON, Oct 18 (Reuters) - The U.S. budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the COVID-19 era, as interest on the federal debt topped $1 trillion for the first time and spending grew for the Social Security retirement program, health care and the military, the Treasury Department said on Friday. The deficit for the...
Analysis-Latin America braces for US election impact on trade, tariffs
Analysis-Latin America braces for US election impact on trade, tariffs
Oct 21, 2024
Latin America is anxiously counting the days to Nov. 5, when U.S. voters will choose between relative continuity under Vice President Kamala Harris or a return to policies that triggered volatility in the region's largest markets and economies under former president Donald Trump. Trade and tariffs, as well as monetary policy's effect on global interest rates, are likely the largest...
Copyright 2023-2026 - www.financetom.com All Rights Reserved