The number of Americans filing new claims for unemployment benefits fell again last week, pointing to sustained labor market strength and adding to financial market fears that the Federal Reserve could keep hiking interest rates for longer.
Unadjusted claims dropped 9,297 to 201,710 last week. The decline was led by California and Kentucky. There were notable decreases in claims in Michigan, Ohio and Texas. Big increases in claims were reported in Massachusetts and Rhode Island.
Seasonal adjustment factors, the model the government uses to strip out seasonal fluctuations from the data, also may be keeping claims lower, according to economists. The seasonal adjustment factors for 2023 will be updated at the end of March. Stocks on Wall Street were trading mostly lower. The dollar rose against a basket of currencies. U.S. Treasury prices fell.Labor market resilience and stubbornly high inflation have increased the odds the Fed will raise interest rates at least three more times this year instead of twice. The U.S. central bank has hiked its policy rate by 450 basis points since last March from the near-zero level to the current 4.50%-4.75% range, with the bulk of the increases coming between May and December.
The core personal consumption expenditures price index, one of the measures tracked by the Fed for monetary policy, increased 4.7% in January.
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