US weekly jobless claims fall to near 49-year low
The latest data defy economists’ forecasts of layoffs related to the Trump administration’s protectionist policies
Washington — The number of Americans filing new claims for unemployment aid fell to near a 49-year low last week and private payrolls rose steadily in August, pointing to sustained labour market strength that should continue to underpin economic growth. The economy so far appears to be weathering an escalating trade war between the US and China, as well as tensions with other trade partners including Canada, the European Union and Mexico, which have rattled financial markets. This probably keeps the Federal Reserve on track to raise interest rates this month for the third time this year. The Labor Department said on Thursday initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Sept. 1, the lowest level since December 1969. Economists polled by Reuters had forecast claims rising to 214,000 in the latest week. The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out ...
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