America's jobs market just did something it hasn't done since 1969
Initial jobless claims fell last week to a 48-year low.First-time filings for unemployment benefits totaled 210,000, a decrease of 10,000 from the prior week, data from the Department of Labor showed on Thursday. This was well below economists' forecast for 225,000 claims, according to Bloomberg. Advertisement
The weekly jobless claims data offer the most real-time look into the labor market, since many people file for unemployment benefits not long after they lose their jobs.
This is the kind of jobs market that's likely to encourage the Federal Reserve to continue raising borrowing costs. It's expected to do so three times this year."We've seen continuing strength in the labor market - we've seen some data that in my case will add some confidence to my view that inflation is moving up to target," said Jerome Powell, chairman of the Federal Reserve, in testimony before the House Financial Services Committee on Tuesday.
- PTI tally of COVID-19 cases and deaths in India at 9:35pm
- Man who tested COVID-19 positive commits suicide in south Delhi hospital
- 38 more people test positive for COVID-19 in Punjab; total rises to 2,301
- 423 new COVID-19 cases detected in Gujarat; 25 more die
- Mumbai COVID-19 cases cross 40,000 mark; 40 more die