HomeFinancial MarketsLabor Market Remains Strong as Jobless Claims Fall

Labor Market Remains Strong as Jobless Claims Fall

The U.S. labor market remains strong despite weaknesses in other areas of the economy, this week’s latest jobless claims report indicated. This comes after the national unemployment rate came in at 3.5%; marginally higher than January’s half-century low of 3.4%.

Data from the Department of Labor on Thursday showed that applications for unemployment benefits in the U.S. fell by 16,000 to 230,000 for the week ending April 22. Over 1.86 million people were claiming unemployment benefits that week, down 3,000 from the previous week.

While jobless claims are higher than the 200,000 submitted at the start of the year, the U.S. labor market remains strong by historic standards. 236,000 jobs were added in March, lower than the 472,000 in January and the 326,000 in February but still historically strong.

Federal Reserve officials worry that the strong labor market could put pressure on wages and in turn prices, thereby undermining the fight to control inflation. While inflation was 5% year-over-year in March, it remains higher than the Fed’s 2% annual inflation target.

Tesla Delays the Launch of U.S.-Made Affordable EV

Electric vehicle maker Tesla is delaying the launch of its U.S.-made affordable car for at least several months according to a newest report by...

Netflix’s Resilience Praised by Wall Street Analysts After Strong Q1 Earnings

Streaming giant Netflix continues to be championed by Wall Street analysts, who view the company as “resilient” in a tough economic environment after strong...

Fed to “Wait for Greater Clarity” Before Making Policy Adjustment Says Chair Jerome Powell

The Federal Reserve will wait to see the impact of recent sweeping tariffs on the U.S. economy before considering making policy adjustments, according to...