Initial claims for unemployment benefits in the United States fell to a new low since May last week, indicating a stable job market
The number of initial jobless claims in the United States dropped to the lowest level since May last week, indicating a stable employment market. According to data from the US Department of Labor, as of September 14th, the number of initial jobless claims was 219,000, lower than expected. The number of continued jobless claims also fell to 1.829 million, the lowest in three months. The Federal Reserve cut interest rates by 50 basis points in order to maintain a strong labor market, with economic activity expected to continue to expand steadily. Powell stated that the US economy is in good condition with no signs of a recession
According to the latest information from Zhitong Finance and Economics APP, the number of initial jobless claims in the United States dropped to the lowest level since May last week, indicating that despite a slowdown in business hiring, the job market remains healthy. Data released by the U.S. Department of Labor on Thursday showed that the number of initial jobless claims for the week ending September 14 was 219,000, lower than the previous value of 230,000 and the market expectation of 230,000; the number of continuing jobless claims for the week ending September 7 dropped to 1.829 million, the lowest level in three months. In addition, the four-week moving average of initial jobless claims for the week ending September 14 fell to 227,500, the lowest level since June.
Despite signs of a slowdown in the job market, the number of initial jobless claims in the United States has remained at relatively low levels in recent months. The Federal Reserve's decision to cut interest rates by 50 basis points on Wednesday reflects policymakers' intention to maintain the "still strong" labor market as mentioned by Fed Chairman Powell.
Powell stated in a press conference after announcing the rate decision on Wednesday that policymakers are fully focused on the dual mandate of inflation and employment, and the Fed is increasingly confident that the strong momentum in the labor market can be sustained while adjusting policy rates.
He pointed out that economic activity continues to expand at a "moderate pace," and growth in the second half of this year is expected to be similar to the first half. He said, "The U.S. economy is in good shape, and our decision today is aimed at maintaining this condition." He also mentioned that there are currently no signs of a recession in the U.S. economy, nor does he believe that an economic recession is imminent