The number of initial jobless claims in the United States rose slightly last week, indicating a gradual cooling of the employment market
The number of initial jobless claims in the United States rose slightly to 232,000 last week, slightly higher than expected, indicating that the employment market is gradually cooling down. The U.S. Department of Labor revised down the previous year's non-farm payroll additions for March 2024, marking the largest decline in 15 years, signaling a slowdown in the labor market. The minutes of the Federal Reserve meeting showed that participants expressed concerns about increased risks to the employment target, while Federal Reserve Chairman Powell is expected to provide clues on the future direction of monetary policy and the labor market at the Jackson Hole Symposium
According to the information obtained from the Wise Finance APP, data released by the U.S. Department of Labor on Thursday showed that the initial jobless claims in the U.S. for the week ending August 17 were 232,000, slightly higher than the previous value of 227,000 and the market expectation of 230,000; the continued jobless claims in the U.S. for the week ending August 10 were 1.863 million, slightly lower than the previous value of 1.864 million and the market expectation of 1.867 million; the four-week moving average of initial jobless claims in the U.S. for the week ending August 17 slightly decreased to 236,000, the lowest level in a month.
The slight increase in initial jobless claims in the U.S. last week indicates that under the pressure of the Federal Reserve maintaining restrictive policies, the job market is gradually cooling rather than slowing down rapidly.
Meanwhile, the U.S. Bureau of Labor Statistics revised down the one-year non-farm payroll addition for the period ending March 2024 by 818,000, marking the largest downward revision in fifteen years. Some analysts believe that this indicates that the labor market began to slow down much earlier than initially expected. Also, the minutes of the July meeting of the Federal Reserve released on Wednesday showed that some participants believed that the rise in the unemployment rate and recent progress in reducing inflation provided a reasonable basis for the 25 basis point rate cut at the July meeting; while most participants noted increased risks to the employment target.
Investors are closely watching Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Symposium on Friday, as they hope to find clues about the monetary policy trajectory and the employment market situation from Powell's speech