WASHINGTON - The number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
The decline was sharper than expected. Economists polled by Reuters had forecast claims would drop to 216,000 in the latest week.The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, edged up 500 to 214,500 last week.
There are few signs a bitter trade war between the United States and China was spilling over to the national labor market, although growth in manufacturing jobs has slowed this year.
So not recession? 😂 Media just jumps from one crazy thing to the next.
Are you sure
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