US labor market remains tight as jobless claims decrease, despite slowing economy and weakened factory output.

US labor market remains tight despite slowing economy; jobless claims fell by 10,000 to 222,000 last week, reversing part of the jump at the start of the month. The Federal Reserve's interest rate hikes are expected to have a larger impact on the economy, with single-family homebuilding dropping again in April and factory output unexpectedly falling. April's economic data, including nonfarm payrolls and retail sales, have come in below expectations.

May 16, 2024
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