First increase in three weeks! The number of initial jobless claims in the United States last week slightly exceeded expectations, rising to 230,000
The number of initial jobless claims in the United States rose for the first time in three weeks last week, reaching 230,000, slightly exceeding economists' expectations of 226,000. The number of continuing jobless claims also rose to 1.85 million. Despite the increase in data, the initial jobless claims remain at a relatively low level. Federal Reserve officials have indicated that the deterioration in the labor market will impact interest rate decisions. The market expects the Fed to make a slight 25 basis point rate cut at the meeting next week
According to the VESYNC Financial APP, the number of initial jobless claims in the United States rose for the first time in three weeks last week, which is consistent with the gradual slowdown in new job creation.
According to data released by the U.S. Department of Labor on Thursday, as of the week ending September 7, the number of initial jobless claims increased by 2,000 to 230,000, with economists' median expectation at 226,000.
For the week ending August 31, the number of continued jobless claims also rose to 1.85 million. The four-week moving average of initial jobless claims, which helps smooth out volatility in the data, rose to 230,750, marking the first increase in five weeks.
Despite the recent uptick in data, the number of initial jobless claims has remained at relatively low levels in recent weeks. Economists have been on the lookout for any signs of weakness in the labor market, but so far, such signs have not appeared in the weekly initial jobless claims.
Federal Reserve officials have made it clear that further deterioration in the labor market would be a major concern for them when considering rate cuts.
Due to a slowdown in labor demand and an unexpected increase in a key inflation gauge measuring potential inflation in August, the market widely expects the Fed to kick off a easing cycle at next week's meeting with a modest 25 basis point rate cut.
Before seasonal adjustments, initial jobless claims fell by 12,968 to 177,663. New York saw the largest decline, followed by Ohio and Georgia.
Another report released on Thursday showed that due to a rebound in service sector costs, U.S. producer prices in August rose slightly higher than expected