US weekly jobless claims post biggest drop in 20 months

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1 年前

STORY: U.S. data out Thursday further underscored the resilience of the American economy.

New weekly jobless claims fell by the most in 20 months.

The U.S. Labor Department reported initial claims for state unemployment benefits decreased 26,000, the biggest drop since October 2021.

The unexpected decline reversed a recent jump in claims which had led some economists to conclude that layoffs were picking up as the economy starts to feel the effects of the Federal Reserve’s significant increases in interest rates.

The U.S. central bank has lifted its policy rate by five percentage points since March 2022 and signaled this month that two additional rate hikes were likely warranted this year.

A survey from the conference board this week showed consumers' perception of the labor market was upbeat in June, with more viewing jobs as "plentiful" relative to May, and a slight decline in the share who believed that jobs were "hard to get."

Meanwhile, a separate report from the U.S. Commerce Department out Thursday showed the U.S. economy grew faster than previously calculated in the first quarter, revising an earlier read of one-point-three percent growth to an even two percent. The upward revision reflected stronger consumer spending and exports.