The number of initial jobless claims in the United States slightly decreased last week, but the number of continuing claims rose to the highest level since November 2021
The number of people continuing to claim unemployment benefits in the United States rose to 1.974 million for the week ending June 14, the highest level since November 2021, exceeding market expectations. The number of initial unemployment claims was 236,000, lower than expected. Economists pointed out that the slowdown in hiring and the impact of tariff policies on corporate prospects have made it difficult for unemployed individuals to find new opportunities, despite the low scale of layoffs. The Federal Reserve kept interest rates unchanged, and Chairman Jerome Powell stated that the job market remains robust
According to the Zhitong Finance APP, data released on Thursday showed that the number of initial jobless claims in the United States for the week ending June 21 was 236,000, lower than the market expectation of 245,000, with the previous value revised from 245,000 to 246,000. The four-week average of initial jobless claims in the United States for the week ending June 21 was 245,000, slightly lower than the previous value of 245,500. However, the number of continuing jobless claims in the United States for the week ending June 14 rose to 1.974 million, the highest level since November 2021, exceeding the market expectation of 1.95 million and the revised previous value of 1.937 million. The increase in continuing jobless claims is consistent with the trend of hiring slowdown indicated by other surveys and data. This week, the Conference Board's job openings indicator, closely watched by economists, fell to its lowest level since March 2021.
Economists stated that President Trump's tariff policy is making it difficult for businesses to plan for the future. Although the current scale of layoffs remains at historically low levels, the continued weakness in hiring makes it harder for the unemployed to find new opportunities.
The Federal Reserve decided last week to keep interest rates unchanged, as policymakers are waiting for clearer signs to assess the potential impact of tariffs on the economy. Fed Chairman Jerome Powell stated at that time that the job market "does not urgently need a rate cut." In this week's congressional hearing, Powell reiterated that the U.S. labor market remains robust
