08/26/2023

Nation's Jobless Claims Fall

Meanwhile, core capital goods orders grow incrementally

The number of Americans filing new claims for unemployment benefits fell for a second straight week, as labor market conditions remained tight despite the Federal Reserve's aggressive interest rate hikes.

Initial claims for state unemployment benefits decreased by 10,000 to a seasonally adjusted 230,000 for the week ended Aug. 19, the Labor Department said on Thursday. The previous week's level was revised up by 1,000 claims. Economists polled by Reuters had forecast 240,000 claims for the latest week.

Economists have anticipated a downturn in the labor market since the Fed began increasing rates in March 2022, and some have been bracing for a measurable increase in unemployment claims in the wake of the recent collapse of Yellow trucking company, which has about 30,000 workers.

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