US Jobless Claims Fall Below Expectations, Hitting 233K Last Week
CryptoNewsTerminal Staff08 Aug, 2024
US Jobless Claims Fall Below Expectations, Hitting 233K Last Week
The number of Americans filing new claims for unemployment benefits fell to 233,000 last week, below expectations of 241,000. This marks the lowest level of initial claims since the week of April 23, 2022, when claims totaled 181,000. The four-week moving average of claims, which helps to smooth out week-to-week volatility, also dropped to 230,250 last week. This is the lowest level of the four-week moving average since the week of March 12, 2022, when it stood at 229,250. These latest figures indicate a continued tightening of the labor market, with employers struggling to find qualified workers. Job openings remain near record highs, and wages are rising at a solid pace. The Federal Reserve is expected to continue raising interest rates in an effort to cool inflation, but the strong labor market is a key factor that could keep the central bank from raising rates too aggressively.
