U.S. jobless claims data last week complicates Fed rate decision

Initial jobless claims fell last week, Labor Department data showed, suggesting the economy has avoided large-scale layoffs despite a cooling job market. Continuing claims hit a three-year high. Labor market data has shown mixed signs so far this year, complicating the Fed's interest rate decisions as it balances its employment and inflation goals. There is currently about one job opening for every unemployed worker in the United States, down from two workers in mid-2022. The unemployment rate has fallen slightly this year to above 4% from 3.7% at the end of 2023. On the other hand, the U.S. economy has added an average of more than 100,000 jobs per month this year, and claims do not show a sharp increase in layoffs. (Jinshi)