04/18/2024

U.S. Weekly Jobless Claims Remain at Low Level

Overall, layoffs remain very low

The number of Americans filing new claims for unemployment benefits was unchanged at a low level last week, pointing to continued labor market strength.

Labor market resilience, which is driving the economy, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September. A few economists doubt that the U.S. central bank will lower borrowing costs this year.

"Overall, layoffs remain low. We expect a continuation of the current trend, with a further adjustment in the labor market coming from a moderation in hiring rather than a surge in firings," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.

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