The number of Americans filing for unemployment benefits fell slightly last week as the U.S. labor market remains healthy in the face of high interest rates. Jobless claims ticked down by 2,000 to 231,000 for the week of Aug. 24, the U.S. Department of Labor reports. The four-week average of claims fell by 4,750 to 231,500.
U.S. Federal Reserve Chair Jerome Powell said last week that the central bank doesn’t seek or welcome further cooling in labor market conditions even though inflation remains above the Fed’s 2% target. Economists expect a measured pace of cuts from the Fed in coming months beginning in September, but a rise in layoffs could lead to a quicker pace of easing.
Source: AP News
