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?
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