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U.S. labor market gradually healing; inflation still benign

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The number of Americans filing new claims for unemployment benefits fell to a seven-month low last week, but the pace of decline has slowed and further improvement could be limited by a raging COVID-19 pandemic

FILE PHOTO: People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston

Fed Chair Jerome Powell told a European Central Bank forum on Thursday that spreading coronavirus infections posed a risk to the recovery, which he described as slowing. He added it was too soon to assess “with any confidence” the impact of promising news on experimental vaccines. Despite claims dropping to their lowest since March, they remained above their peak of 665,000 during the 2007-2009 Great Recession. Weak demand, especially in the services sector, is forcing employers to shed workers.

“Unfortunately, if we see major containment measures kick in again soon after Thanksgiving those jobless claims numbers will climb once more,” said James Knightley, chief international economist at ING in New York.slipped against a basket of currencies. U.S. Treasury prices rose.Unemployment claims peaked at a record 6.867 million in March.

 

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