US Labor Market Tightens as Jobless Claims Fall and Fraudulent Filings Are Erased

The US labor market remains strong as weekly jobless claims increased moderately last week, indicating persistent labor market strength. The economy is enjoying another month of strong employment gains and a lower jobless rate. Corporate profits have declined for three straight quarters and were down 6.0% on a year-on-year basis. The first-quarter GDP growth was revised up to 1.3%. The Federal Reserve may raise interest rates again in June due to the labor market resilience.