US weekly jobless claims fall more than expected
labor market conditions.
Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 220,000 for the week ended Dec. 14, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week.
Claims have entered a period of volatility, which could make it challenging to get a clear view of the labor market. A range of indicators including claims and job openings suggest that conditions are much looser than they were before the COVID-19 pandemic, but the labor market is slowing in an orderly fashion.
A jump in the unemployment rate to 4.3% in July from 3.7% at the start of the year saw the Federal Reserve kicking off its policy easing cycle with an unusually large half-percentage-point interest rate cut in September.
On Wednesday, Fed Chair Jerome Powell told reporters that the «downside risks of the labor market do appear to have diminished.» The U.S. central bank on Wednesday cut its benchmark overnight interest rate by 25 basis points to the 4.25%-4.50% range. It projected only two rate cuts next year, down from the four it had forecast in September, citing continued economic resilience and still-elevated inflation.
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