The number of people claiming unemployment benefits after losing their jobs rose to a four-week high last week, according to the U.S.
Labor Department. Initial jobless claims rose to 196,000 from 183,000 the previous week, slightly higher than the 190,000 expected. Despite this increase, the four-week average of new jobless claims remains at an eight-month low of 189,250.
Continuing claims were also higher than expected, reaching 1.688 million, an increase of 38,000 from the previous week. Although these numbers indicate a slowdown in the U.S. economy, the strong labor market, with a large number of available vacancies, is expected to provide support for those who have been laid off. The overall perception remains that the labor market is robust and will continue to provide job opportunities for those who need them.
Stay updated with all news and markets updates with #9BullsFx.
Comments