US jobless claims decreased by 10,000 to 222,000, signaling a strengthening labor market.

US jobless claims fell by 10,000 to 222,000 for the week ending May 11, indicating a strengthening labor market. The drop follows a previous week's increase attributed to a surge in applications in New York due to school spring breaks. The labor market remains healthy, but is gradually rebalancing due to the Federal Reserve's interest rate hikes since March 2022. The easing labor market conditions and declining inflation have increased the likelihood of a rate cut in September, according to analysts.

May 16, 2024
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