U.S. initial jobless claims fell, allowing the Federal Reserve to stay focused on inflation.
45 minutes ago
U.S. weekly initial jobless claims fell, indicating the country’s labor market remains stable despite an unexpected drop in July employment. The U.S. Department of Labor said Thursday that for the week ending Aug. 22, seasonally adjusted initial claims decreased by 4,000 to 203,000, against economists’ forecast of 208,000. Initial claims are currently at the lower end of this year’s range of 189,000 to 230,000, suggesting layoffs stay low even amid weak hiring activity. The U.S. unemployment rate edged down slightly last month to 4.1%, a historic low. If the labor market continues to hold steady, the Federal Reserve may keep focusing on curbing inflation. U.S. inflation has exceeded the Fed’s 2% target for 65 consecutive months. Data also showed continuing jobless claims fell by 18,000 to 1.778 million, a metric that serves as a reference for hiring conditions. (Jinshi)
Crypto-related stocks generally posted small gains at the opening of the US stock market.
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The three major U.S. stock indices posted mixed results, with the Nasdaq rising 0.87%.
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U.S. Plans to Export Its AI Regulatory Framework to G20, With Elon Musk, Sam Altman and Jensen Huang Involved.
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