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16/05/24
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Last Week’s Initial Jobless Claims Drop To 222K, But Still Higher Than Estimated
Last week, the number of Americans filing for initial unemployment benefits was more than expected, although the figure dropped compared to the precious period.
First-time jobless claims in the U.S. dropped to 222K in the week that ended on May 11, lower than the previous week’s upwardly revised total of 232K. Economists had expected a reading of 219K.
The 4-week moving average, which attempts to smooth out volatility in the weekly measure, increased by 2,500 to 217,750.
The data come as Federal Reserve officials attempt to evaluate the U.S. jobs market’s health. Indications of easing labor demand may relieve some upward wage pressure and, therefore, inflation, possibly boosting the case for the Fed to reduce interest rates from over 2-decade highs.
Earlier this month, data showed that in April the U.S. economy added the least number of jobs in 6 months, and the rate of wage growth annually declined to lower than 4% for the first time in nearly 3 years. Another release on Wednesday showed that consumer prices increased last month by 3.4%, slowing compared to March and as per expectations.
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