The number of people receiving benefits after an initial week of help increased by 8,000 to 1.428 million during the week ending July 30. The so-called continuous claims are an indicator of hiring.
Notably, the world’s largest economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending falling. The second consecutive quarterly decline in Gross Domestic Product was largely due to a more moderate pace of inventory builds by businesses, as overall job earnings remain strong.
The economy created 528,000 jobs, a very robust figure that beat estimates in July, the unemployment rate fell back to its lowest level since before the pandemic and wage gains surprised to the upside, the Labor Department announced on Thursday. last Friday, in a monthly report that makes it difficult for the Fed to balance the economy soon.
There were 10.7 million vacancies at the end of June, with 1.8 vacancies for every unemployed worker.
Keep in mind that last month, the Fed raised its policy rate by another three-quarters of a percentage point as part of its effort to quell high inflation. It has raised that rate by 225 basis points since March.
Source: Ambito
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