The number of initial jobless claims in the United States was roughly flat last week, raising concerns among economists about potential underlying weakness.
BlockBeats News, July 31st, the U.S. Department of Labor announced on Thursday that the number of initial unemployment claims in the United States last week stabilized, which is reassuring. For the week ending July 26th, the number of initial claims for unemployment benefits was 218,000, compared to 217,000 the previous week. The number of ongoing claims for unemployment benefits was 1.95 million, unchanged from the previous week. Last night, the Fed maintained its interest rate for the fifth consecutive meeting. Fed Chairman Powell said at a press conference that the stable labor market indicates no rush to switch to a more accommodative monetary policy stance through rate cuts. However, some economists worry that weakness in the labor market is hidden behind a strong facade. Despite the still relatively low unemployment rate, many workers report long job search times and difficulty finding opportunities. (FXStreet)
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