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The initial jobless claims in the US unexpectedly decreased last week, keeping the labor market stable.
BlockBeats News, July 24th, Last week, the number of initial jobless claims in the United States unexpectedly decreased, indicating a stable labor market situation. However, slowed hiring has made it more difficult for many laid-off workers to find new job opportunities. Data released by the U.S. Department of Labor on Thursday showed that for the week ending July 19th, the seasonally adjusted initial unemployment claims decreased by 4,000 to 217,000, unexpectedly lower than expected. This data has retreated since the initial claims rose to an eight-month high in early June.
The report also showed that for the week ending July 12th, the seasonally adjusted continued claims increased by 4,000 to 1.955 million. Goldman Sachs economist Elsie Peng wrote in the report: "Looking ahead, we expect the 'stabilization threshold' of employment growth — the monthly net job additions needed to maintain a stable unemployment rate — to gradually decrease from the current estimated 90,000 to 70,000 by the end of 2025 as immigration continues to slow down." (FX678)
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