US Jobless Claims Decrease Slightly to 411,000
What Happened:
According to a report released by the Labor Department on Thursday, 411,000 Americans claimed first-time jobless benefits over the last week, a slight 7,000 decrease from the previous week which had seen a surprise increase in applications for the first time in 6 weeks.
The insured unemployment rate was 2.4% for the week ending June 12, a slight decrease of 0.1%. This is the lowest level for insured unemployment since March 21, 2020.
Analysts are hopeful that this is a sign that the economy continues to be strengthening, a view the FED also took last week.
Despite some of the positive trends, some businesses have been having difficulty finding applicants for open job positions, particularly, entry-level positions.
Economists are also concerned that the sudden increase in consumer demand will continue to affect inflation (the US is experiencing the highest inflation since 2008), a concern that Wall Street also shares. The FED announced last week a planned increase in interest rates for late 2023 to combat inflation.
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