2023-07-20 14:22:05
Unemployment is declining in America
The number of Americans filing new applications for unemployment benefits unexpectedly declined last week, indicating continued strength in the labor market.
On Thursday, the Labor Department said first-time applications for state unemployment benefits fell by 9,000 to 228,000 after adjusting for seasonal factors in the week ending July 15.
Economists polled by Archyde.com had expected the number of applications to reach 242 thousand.
The four-week moving average of claims, which matches some of the weekly fluctuations, fell by 9,250 claims, to 237,500 claims.
Corum for Strategic Studies: Recession is coming for the US economy
Jobless claims are thought of as reflecting the number of layoffs in a given week.
Overall, 1.75 million people were receiving unemployment benefits in the week ending July 8, an increase of 33,000 applications from the previous week.
Although the labor market remains understaffed, last week’s decline in claims was likely exaggerated due to difficulties adjusting the data for seasonal patterns.
The US central bank, which has raised interest rates by 500 basis points since March 2022, is expected to resume raising interest rates next month in June.
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