The Zhitong Finance App noticed that the number of initial jobless claims in the US rose last week after a period of staying close to a historic low. According to data from the US Department of Labor, the number of first-time jobless claims increased by 9,000 to 209,000 in the week ending August 8. The median forecast in the economists' survey was 20.2 million people.
The number of renewed jobless claims, which is a measure of the number of people receiving unemployment benefits, fell to 1.78 million in the previous week.
The increase in the number of applicants is likely to reflect the typical summer volatility, during which seasonal employment patterns and vacation time tend to influence data. Economists will be watching more than a week's data before re-evaluating recent labor market stability.
The number of first-time jobless claims in the US rose more than expected
The number of initial jobless claims on the four-week moving average, which is an indicator of smooth fluctuations, remained unchanged at 199,000 last week.
The US government reported last week that the number of non-farm payrolls dropped by 23,000 last month, and the data for May and June were revised down. Employment growth tends to slow in the summer, and economists attribute this phenomenon to the difficulty of adjusting the data for seasonal fluctuations associated with the end of the school year.
The number of applicants this year has remained at the low end of its range of 189,000 to 230,000. This week's National Federation of Independent Business (NFIB) survey also proved the stability of the labor market. The survey showed that indicators measuring the employment situation in small businesses rebounded in July after four consecutive months of decline. The stability of the labor market, combined with signs of moderate inflation, may allow the Federal Reserve to keep interest rates unchanged in September if it continues.
The Federal Reserve kept its benchmark overnight interest rate in the 3.50%-3.75% range last month. Three members of the policy development committee disagree; they are “more inclined” to raise interest rates by 25 basis points.