The number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months, offering an upbeat picture of the labor market that could see the Federal Reserve continuing to raise interest rates to cool demand.
The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump, which had left initial jobless claims over the prior three weeks hovering at levels last seen in October 2021.
"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand." Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 25. The drop was the largest since October 2021.
Job growth is being driven by the services sector, including the leisure and hospitality category, which is still catching up after businesses struggled to find workers over the last two years. Industries like healthcare and education also experienced accelerated retirements during the COVID-19 pandemic.The number of people receiving benefits after an initial week of aid, a proxy for hiring, fell 19,000 to 1.
Gross domestic product increased at a 2.0% annualized rate last quarter, the Commerce Department said in its third estimate of first-quarter GDP on Thursday.
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