Skip to main content

US jobs market remains robust

Latest US unemployment claims suggest rates may remain higher for longer.

24 August 2023

US unemployment claims for last week were just announced at 230k, below market expectations of a print nearer to 240k. This figure continues to demonstrate that the employment picture in the US is still very robust. It probably would have shown an even bigger decline were it not for the recent tragic events in Hawaii which pushed a jump in jobless claims. This continues to back the case for a more stubborn standpoint from the Federal Reserve to keep rates at this level (or possibly only just fractionally higher) for an even longer extended time into the future. The jobs market is not cracking yet so why change the mood music?

Important legal information
The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information. Past performance is not an indicator for the current or future development.

Charles Hepworth

Investment Director
My Insights

Active Thinking

Fed wary of cutting US rates too quickly

Charles Hepworth

UK services sector continues to expand

Charles Hepworth

UK retail sales bounced back strongly in January

Charles Hepworth

Charles Hepworth Blog