The number of Americans filing applications for unemployment benefits unexpected...
WASHINGTON - The number of Americans filing applications for unemployment benefits unexpectedly rose last week, which could add to concerns that the labor market was losing steam after job growth slowed sharply in May.
U.S. central bank policymakers are scheduled to meet on June 18-19 against the backdrop of rising trade tensions. Financial markets have priced in at least two rate cuts by the end of 2019. A rate cut is not expected next Wednesday. While layoffs remain relatively low, the third straight weekly increase in claims suggests some softening in labor market conditions. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 2,500 to 217,750 last week.
The economy created only 75,000 jobs in May, with wages increasing at their slowest annual pace in eight months, the government reported last week. The slowdown in hiring occurred before a recent escalation in trade tensions between the United States and China, raising fears of a sharp deceleration in economic growth.President Donald Trump in early May imposed additional tariffs of up to 25% on $200 billion of Chinese goods, prompting retaliation by Beijing.
The Atlanta Fed is forecasting gross domestic product increasing at a 1.4% annualized rate in the April-June quarter. The economy grew at a 3.1% pace in the first quarter. FILE PHOTO: A job-seeker completes an application at a career job fair in Philadelphia, Pennsylvania, U.S. July 25, 2013. REUTERS/Mark Makela/File Photo
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