The number of Americans filing for jobless benefits fell last week but remain at slightly elevated though not troubling levels. Jobless claims for the week of Aug. 3 fell by 17,000 to 233,000 last week, the Labor Department reported Thursday.
The number of Americans filing for jobless benefits fell last week but remain at slightly elevated though not troubling levels.
Thursday’s report was the first snapshot of the U.S. labor market since last week’s deeply disappointing jobs data for July sent financial markets spiraling on fears that the economy might be edging toward a recession. Some analysts had suggested that the Federal Reserve might respond by accelerating its timetable for cutting interest rates or cut rates more deeply than previously envisioned.
Inflation has plummeted from its highs to near the Fed’s 2% target, and now the central bank appears more focused on the need to support the economy with gradually lower borrowing rates. Other recent economic data has been telling a similar story of a slowing U.S. economy. Manufacturing activity is still shrinking, and its contraction is accelerating. Manufacturing has been one of areas of the economy hurt most by high rates.
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