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Initial Jobless Claims in the US Decline, but Labor Demand Weak and Unemployment Rate Rises to Four-Year High
Summary: According to reports from FXStreet, initial jobless claims in the US fell last week, but the job market lost its luster due to sluggish hiring pace. The US Department of Labor announced on Thursday that for the week ending September 20, initial jobless claims decreased by 14,000 to 218,000 after seasonal adjustments. Due to uncertainty ...
According to reports from FXStreet, initial jobless claims in the US fell last week, but the job market lost its luster due to sluggish hiring pace. The US Department of Labor announced on Thursday that for the week ending September 20, initial jobless claims decreased by 14,000 to 218,000 after seasonal adjustments. Due to uncertainty brought by protectionist trade policies, businesses are hesitant to increase their workforce despite hoarding workers. The protectionist trade policies have raised the average tariffs in the US to the highest level in a century. Weak labor demand has weakened the resilience of the labor market, prompting the Federal Reserve to cut interest rates again last week. The Trump administration's crackdown on immigration has also reduced labor supply, suppressing job growth. Initial jobless claims data shows that for the week ending September 13, continuing jobless claims decreased by 2,000 to 1.926 million after seasonal adjustments. The average duration of unemployment in August increased from 24.1 weeks to 24.5 weeks, the longest since April 2022, and the unemployment rate rose to a near four-year high of 4.3%.
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Link: Initial Jobless Claims in the US Decline, but Labor Demand Weak and Unemployment Rate Rises to Four-Year High [Copy]
