Jobless claims data show 'warning sign' for the US labor market
How many unemployment claims were filed in the week ending June 22?
In the week ending June 22, nearly 1.84 million claims were filed, showing a rise in unemployment claims and indicating a potential softening in the labor market. This increase has led to concerns over the impact of higher interest rates on the US economy and calls for the Federal Reserve to take action.
How many rate cuts do investors expect from the Fed this year?
Investors currently expect the Fed to cut rates twice this year, according to Bloomberg data. This expectation comes amidst signs of a cooling labor market and falling inflation, leading some economists to argue that the central bank should start lowering rates soon.
How did Jerome Powell describe the labor market's current state?
Jerome Powell, the Federal Reserve Chair, described the labor market as cooling down and moving towards better balance. He mentioned that they are monitoring it carefully for any signs of concern, but they haven't seen anything particularly alarming yet.