US Weekly Jobless Claims Rise Slightly to 199,000
Summary
Weekly unemployment claims in the US rose slightly to 199,000 for the week ending August 1, suggesting the labor market remains relatively steady. The Federal Reserve is still weighing interest rate hikes as inflation stays above its 2% target.
Key Points
- 199,000 people applied for unemployment benefits in the week ending August 1, up 1,000 from the previous week.
- Weekly jobless claims are used as a near real-time gauge of layoffs and labor market health in the US.
- The Fed's preferred inflation measure, PCE, was 3.1% in June, above the central bank's 2% target.
- A July employment report is due on Friday after a weak June jobs gain of 57,000.
