![]() The number of people receiving benefits after an initial week of aid, a proxy for hiring, fell 19,000 to 1.742 million during the week ending June 17, the lowest level since February, the claims report showed. REUTERS/Amira Karaoud/File Photo FIRST-QUARTER GDP REVISED UP People line up outside a newly reopened career center for in-person appointments in Louisville, U.S., April 15, 2021. Stocks on Wall Street were trading higher. The dollar gained versus a basket of currencies. economist at High Frequency Economics in White Plains, New York.įinancial markets have almost fully priced in a 25 basis points rate hike at the Fed's July 25-26 policy meeting, according to the CME Group's FedWatch Tool.įed Chair Jerome Powell said at an event hosted by the Spanish central bank in Madrid on Thursday that "we expect the moderate pace of interest rate decisions to continue," after pausing in June. "For now, there is no sign of a substantial deterioration in demand for workers," said Rubeela Farooqi, chief U.S. Employment growth has averaged 314,000 jobs per month this year. But these temporary plant closures do not always happen around the same time, which could throw off the model that the government uses to strip out seasonal fluctuations from the data.Ĭlaims, relative to the size of the labor market, are well below the 280,000 level that some economists say would signal a significant slowdown in job growth. Claims could become volatile in July, when automakers typically idle plants to retool for new models.
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