Initial claims for state unemployment benefits dropped 20,000 to a seasonally adjusted 201,000 for the week ended Sept. 16, the Labor Department said on Thursday. Economists polled by Reuters had forecast 225,000 claims for the latest week.
The labor market remains tight, with claims in the lower end of their 194,000 to 265,000 range for this year.steady on Wednesday but stiffened its hawkish stance, with a further rate increase projected by the end of the year and monetary policy to be kept significantly tighter through 2024 than previously expected.
Since March 2022, the U.S. central bank has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range. Fed Chair Jerome Powell told reporters on Wednesday that "the labor market remains tight, but supply and demand conditions continue to come into better balance." Job