First-time claims for state unemployment benefits rose slightly in the most recent week.
The number of Americans filing applications for unemployment benefits rose more than expected last week, but there is still no sign of a significant pickup in layoffs even as economic growth has shifted into lower gear.
Economists polled by Reuters had forecast claims rising to 220,000 in the latest week. The Labor Department said claims for California and Mississippi were estimated. Claims are being watched for signs of a rise in layoffs stemming from a recent escalation in trade tensions between the United States and China. Rising risks to economic growth from the trade war, and low inflation, resulted in the Federal Reserve last week signaling interest rate cuts as early as July.
Despite the underlying strength in the labor market, the broader economy is slowing. Manufacturing is struggling, the trade deficit is widening again, consumer confidence is ebbing and the housing sector remains mired in a soft patch.
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