US unemployment benefit claims fall to unexpectedly low levels
August 16, 2024
Initial claims for US unemployment benefits have fallen for the second week in a row, reaching a low level not seen since early July, despite a recent drop in hiring. Labor Department data released Thursday showed that initial claims fell by 7,000 to 227,000 in the week ended August 10. The median forecast in a Bloomberg survey of economists was for 235,000 applications. Economists and investors alike are watching for signs that the labor market may be weakening faster than expected, especially after the July employment report showed the unemployment rate rising for the fourth straight month and hiring slowing.