The number of Americans filing new claims for unemployment benefits rose for the second week in a row, pointing to a further decline in the labor market, as the Federal Reserve seeks to slow demand to help curb inflation.
Sharjah 24 – Archyde.com:
The US Department of Labor said, on Thursday, that first-time applications for government benefits increased by 14,000 to a seasonally adjusted level of 262,000 in the week ending August 6, and economists had expected 263,000 applications during the past week.
Demands remain below the 270-300 thousand range that economists see as an indication of a significant slowdown in the labor market.
The US economy unexpectedly contracted in the second quarter, with consumer spending growing at the slowest pace in two years and business spending falling.
