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Weekly Initial Jobless Claims Decrease in the US, Layoffs Remain Low
Summary: According to sources, last week, initial jobless claims in the US decreased against a backdrop of low layoffs, but due to weak domestic demand, companies are reluctant to increase hiring, which could push the unemployment rate to 4.3% in August. The US Department of Labor announced on Thursday that initial jobless claims for the week ...
According to sources, last week, initial jobless claims in the US decreased against a backdrop of low layoffs, but due to weak domestic demand, companies are reluctant to increase hiring, which could push the unemployment rate to 4.3% in August. The US Department of Labor announced on Thursday that initial jobless claims for the week ending August 9 decreased by 3,000 people, seasonally adjusted to 224,000. The US labor market currently shows a differentiation between low layoffs and weak hiring. Over the past three months, the US has only added an average of 35,000 new jobs per month, with domestic demand growing at its slowest pace since the fourth quarter of 2022. Wrightson ICAP's Chief Analyst Lou Crandall stated that in isolation, these initial jobless claims data would suggest a strong job market. However, we are more concerned about the soft trend in employment data over the past three months, which clearly indicates a different situation.
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