The number of Americans filing for unemployment benefits for the first time fell less than expected last week, according to data released today.
In particular, the initial applications for state unemployment benefits fell by 3,000 to the seasonally adjusted size of 229,000 for the week ended June 11, according to the US Department of Labor. Analysts’ average estimates in a Reuters poll showed a drop in the 215,000 applications.
Concerns have been mounting recently that successive interest rate hikes by the Federal Reserve could slow the economy, hurting the labor market. New applications are hovering close to the 200,000 level in recent weeks after a 53-year low of 166,000 in March.
The Federal Reserve raised interest rates by 75 basis points yesterday, the largest increase since 1994. Since March, the US Federal Reserve has raised its interest rates by a total of 150 basis points.
Source: Capital
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