The number of Americans who filed new jobless claims last week fell less than expected, indicating some recovery in the job market.
There are growing indications that the Federal Reserve’s aggressive efforts to slow demand and bring inflation to its 2% target are beginning to bear fruit.
On Wednesday, the US central bank raised its benchmark interest rate by 75 basis points, the largest increase since 1994.
The U.S. Department of Labor said Thursday that first-time state unemployment benefits applications fell by 3,000 to a seasonally adjusted level of 229,000 in the week ending June 11.
Economists interviewed by “Reuters” expected the number of questions to hit 215,000 in the past week.
And I’m in Reports of job cuts continue to rise, especially in the tech and housing sectors, in light of falling demand and fears of a recession next year, however, requests have remained confined in a range limited as it fell to its lowest level in over 53 years, hitting 166,000 in March.
Federal Reserve Chairman Jerome Powell told reporters on Wednesday that “the labor market is still very limited” and that “the demand for labor is very strong.”
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