U.S. Unemployment Claims Drop by 7,000, Showing Job Market Resilience
Unemployment claims in the U.S. fell by 7,000 last week, indicating a resilient job market despite high interest rates. The four-week average of claims also dropped, while the number of Americans receiving jobless benefits decreased slightly. Although claims have been rising since May, recent declines suggest that the job market is slowing rather than deteriorating. The Federal Reserve's interest rate hikes, aimed at combating inflation, have impacted the economy, but the labor market remains strong. However, job growth slowed in July, and the unemployment rate rose to 4.3%.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02Unemployment claims in the U.S. fell by 7,000 last week, indicating a resilient job market
00:07despite high interest rates.
00:09The four-week average of claims also dropped, while the number of Americans receiving jobless
00:13benefits decreased slightly.
00:15Although claims had been rising since May, recent declines suggest that the job market
00:19is slowing rather than deteriorating.
00:21The Federal Reserve's interest rate hikes aimed at combating inflation have impacted
00:25the economy, but the labor market remains strong.
00:28However, job growth slowed in July, and the unemployment rate rose to 4.3 percent.
00:33For all things money, visit Benzinga.com.