The number of initial jobless claims in the United States slightly decreased to 245,000, stabilizing at this year's high level
As of the week ending June 14, the number of initial jobless claims in the United States decreased by 5,000 to 245,000, stabilizing at a high level for the year. The number of continuing claims slightly fell to 1.95 million, reflecting a slowdown in the labor market. Economists point out that the time it takes for unemployed individuals to find new jobs has lengthened, and the pace of hiring by companies has slowed. The market expects the Federal Reserve to keep interest rates unchanged while assessing the impact of tariff policies. Overall data shows that economic demand is cooling, with new housing starts dropping to the lowest level since the pandemic
According to Zhitong Finance APP, the number of initial jobless claims in the United States slightly decreased last week, stabilizing near an eight-month high. For the week ending June 14, initial claims for unemployment benefits fell by 5,000 to 245,000, consistent with the median forecast of economists surveyed.
Data from the U.S. Department of Labor on Wednesday showed that the number of continuing claims for unemployment benefits (a measure of the actual number of people receiving unemployment benefits) also slightly declined to 1.95 million in the previous week.
The number of initial jobless claims in the U.S. remains stable at a high level for the year.
Data often exhibits volatility, especially during holidays or school summer breaks. Overall, the number of unemployment benefit claims has continued to rise over the past two months, reflecting a gradual slowdown in the labor market.
The pace of hiring by businesses has slowed, and the number of continuing claims hovers near the highest level since the end of 2021, indicating that the time it takes for unemployed individuals to find new jobs is increasing.
Economist Eliza Winger stated, "Signs of weakness are more evident in the number of continuing claims for unemployment benefits, which has been on an upward trend. The current labor market environment is not characterized by mass layoffs, but rather by a reduction in job vacancies, fewer new hires, and longer unemployment durations."
The market generally expects Federal Reserve officials to maintain interest rates at their meeting later on Wednesday while assessing the impact of President Trump's tariff policies and other measures.
So far, the transmission effect of tariffs on consumer prices remains limited. The four-week moving average, used to smooth data fluctuations, rose to 245,500, reaching a new high since August 2023.
Before seasonal adjustments, the actual number of initial jobless claims decreased last week. Illinois, California, and Georgia saw the most significant declines. Multiple data points this week indicate a cooling demand across various economic sectors.
Another report on Wednesday indicated that U.S. housing starts in May fell to the lowest level since the outbreak of the pandemic
