US Labor Market Faces Challenges with Rising Jobless Claims and Falling Job Openings.
TL;DR Summary
The number of Americans filing new claims for jobless benefits increased last week as the labor market gradually softens amid higher interest rates, which are cooling demand in the economy. But borrowing costs could remain elevated for a while, with other data on Thursday showing labor costs surging in the first quarter as worker productivity slumped. The Federal Reserve raised its benchmark overnight interest rate by another 25 basis points to the 5.00%-5.25% range on Wednesday, and signaled it may pause further increases, though it kept a hawkish bias.
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- U.S. job openings fall, as layoffs rise CGTN America
- The labor market is strong. So why are there fewer job openings? MarketWatch
- Unemployment Claims Rise to 242,000 in US for April 29, 2023 Bloomberg
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