U.S. weekly jobless claims drop as labor market picks up steam

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Thursday, Jun 07 2018

U.S. weekly jobless claims drop as labor market picks up steam

The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a further tightening in labor market conditions. The robust labor market and firming inflation have cemented expectations the Federal Reserve will raise benchmark U.S. interest rates next week. Many economists believe the U.S. central bank will hike rates two more times after its June 12-13 policy meeting to prevent the economy from overheating.

The Fed lifted borrowing costs in March and forecast at least two more rate increases for this year. “The labor market is heating up and that means inflation pressures are building, so the Federal Reserve better get ready for it,” said Chris Rupkey, chief U.S. economist at MUFG in New York. “Rates are going up at next week’s meeting and more are on the way.” Initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 222,000 for the week ended June 2, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims rising to 225,000 in the latest week.

More in this category: « New house sales ease back in April 2018 China’s May trade balance (CNY): Surplus shrinks as imports jump »

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