THE number of Americans applying for unemployment benefits fell last week as layoffs remained historically low despite the Federal Reserve's (Fed) efforts to loosen the labor market.
THE number of Americans applying for unemployment benefits fell last week as layoffs remained historically low despite the Federal Reserve's efforts to loosen the labor market. Jobless claims for the week ending May 18 fell by 8,000 to 215,000, down from 223,000 the week before, the Labor Department reported Thursday.The four-week average of claims, which softens some of the week-to-week volatility, rose a modest 1,750 to 219,750.
Many economists thought there was a chance the rapid rate hikes could cause a recession, but jobs remain plentiful, and the economy still broadly healthy, thanks to strong consumer spending.In April, US employers added just 175,000 jobs, the fewest in six months and a sign that the labor market may be finally cooling off. The unemployment rate inched back up to 3.9 percent from 3.8 percent and has now remained below 4 percent for 27 straight months, the longest such streak since the 1960s.
Jobless Claims Applications Fall
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Federal Reserve holds rates steadyThe US Federal Reserve decided to keep rates the same for the sixth straight time, and more importantly, gave no indication as to when it might “pivot” and begin to cut interest rates.
Read more »
Bangko Sentral looking to lower reserve ratiosBANK reserve requirements should be substantially lowered but the timing will be critical, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said on Friday.
Read more »
BSP eyes lower reserve requirementDefining the News
Read more »
ERC partially lifts P1.7-b reserve market settlementDefining the News
Read more »
7-Eleven launches affordable premium coffee with Cafe ReserveCustomers will find themselves treated to a premium drink in every cup
Read more »
29 regular, reserve soldiers undergo ICS trainingSunStar Publishing Inc.
Read more »