The number of Americans applying for unemployment benefits recorded a slight decline and remained near 40-year low. The documents for unemployment benefits decreased by 1,000 to a seasonally adjusted 266,000 in the week ending on August 5. This number is below 300,000 for 75 consecutive weeks, the longest series since 1970.
Employers hire more workers and increase wages slowly, suggesting that consumer spending will continue to promote the world’s largest economy in the second half. The stability of the labor market is among the things that would encouraged the US Federal Reserve to increase interest rates by year-end.
The average expectations of economists was for 265,000 applications submitted. The data for the previous week – that ended July 29 were revised down to 269,000.
According to experts from the Ministry of Labour, there is nothing unusual in the data last week. The average four-week number increased by 3,000 to 264,750. The applications for unemployment benefits sometimes increase during the summer because automakers traditionally closed factories modernization and many of their employees are not entitled to temporary benefits.
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