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Filings for unemployment insurance increased last week, indicating new snags in the labor market's recovery.. The median estimate from economists surveyed by Bloomberg was for 370,000 claims. The reading snaps six straight weeks of declines that had pulled claims to several pandemic-era lows.Continuing claims, which count Americans receiving unemployment insurance payments, rose to 3.52 million for the week that ended June 5. The median estimate was for 3.43 million claims.
As those factors fade and the country settles into a new normal, one can expect payroll growth to accelerate and for the labor market to stage a swift recovery, he added. "I think it's clear, and I am confident, that we are on a path to a very strong labor market," Powell said."I would expect that we would see strong job creation building up over the summer and going into the fall."on Wednesday, noting it wouldn't change its stance until it saw"substantial forward progress" toward its maximum employment and above-2% inflation targets.
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