Fewer Americans applied for jobless claims last week as labor market remains sturdy

A hiring sign is displayed at a restaurant in Chicago, Thursday, June 27, 2024. On Thursday, July 11, 2024, the Labor Department reports on the number of people who applied for unemployment benefits last week. .

The total number of Americans collecting unemployment benefits declined for the first time in 10 weeks. About 1.85 million Americans were collecting jobless benefits for the week of June 29, around 4,000 fewer than the previous week. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an attempt to extinguish the four-decade high inflation that shook the economy after it rebounded from the COVID-19 recession of 2020. The Fed’s intention was to cool off a red-hot labor market and slow wage growth, which can fuel inflation.

The Fed’s next policy meeting comes at the end of this month, but few experts are expecting a rate cut then. However, investors are betting that there is nearly a 70% chance for a reduction at the Fed’s September meeting.

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