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WASHINGTON, Aug 29 - The number of Americans filing new applications for jobless benefits slipped last week, but re-employment opportunities for laid-off workers are becoming more scarce, a sign that the unemployment rate probably remained elevated in August.
Initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 231,000 for the week ended Aug. 24. Economists polled by Reuters had forecast 232,000 claims for the latest week. Claims have retreated from an 11-month high in late July as distortions from temporary motor vehicle plant shutdowns for new model retooling and the impact of Hurricane Beryl faded.
Financial markets expect the Fed to begin its easing cycle next month with a 25-basis-point reduction in its benchmark overnight interest rate. A half-percentage point cut is on the table. The Fed has maintained its policy rate in the current 5.25%-5.50% range for more than a year, having raised it by 525 basis points in 2022 and 2023.
Economists are expecting the jobless rate this month to either have remained near a three-year high of 4.3% or fallen to 4.2%. The unemployment rate has risen for four straight months, partly reflecting an immigration-induced surge in labor supply. Households are saving less and also tapping savings to maintain spending. The saving rate was lowered to 3.3% from 3.5%.
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