Filings for U.S. unemployment benefits increased to 247,000, the highest since October, amid concerns over tariffs affecting the economy. Despite this rise, levels remain low historically, signaling a resilient labor market. Companies are cautious, with many lowering earnings forecasts. Federal Reserve Chair Jerome Powell remarked on the tension between inflation and unemployment concerns, exacerbated by tariff impacts. Job openings rose unexpectedly in April, yet confidence appears shaken as job quits decreased, suggesting a cooling of the once-booming job market seen from 2021 to 2023.
Filings for U.S. unemployment benefits rose to their highest level in eight months last week, reflecting some uncertainty about the impact of tariffs on the economy.
Despite higher unemployment claims, the job market remains resilient, with applications for jobless benefits generally remaining between 200,000 and 250,000.
Federal Reserve Chair Jerome Powell indicated that tariffs have dampened consumer and business sentiment, potentially complicating the management of inflation and unemployment.
Indicators show a cooling labor market, as evidenced by fewer Americans quitting their jobs, typically a sign of confidence, and rising layoffs.
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