The number of new unemployment claims in the United States has reached its lowest level in nine months.
On the 12th (local time), the U.S. Department of Labor announced that new unemployment claims for the week of the 8th to the 14th totaled 198,000, a decrease of 13,000 from the previous week.
This is the lowest level since the week of January 21 (194,000 claims) nine months ago, and it falls short of the expert forecast of 210,000 claims compiled by the Wall Street Journal (WSJ).
A low number of new unemployment claims indicates that the U.S. labor market conditions are favorable for job seekers.
Since an overheated labor market can lead to entrenched inflation, the Federal Reserve (Fed) is closely monitoring employment-related indicators.
The number of new unemployment claims in the U.S. had been on the rise this year as companies in the financial and technology sectors reduced hiring, but has been declining since July.
Meanwhile, Fed Chair Jerome Powell will deliver a speech at noon (1 a.m. KST on the 20th) at the New York Economic Club (ECNY). With U.S. bond yields recently surging, the market is closely watching Powell’s remarks on monetary policy.
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