The number of Americans applying for unemployment benefits declined last week, approaching the 49-year minimum. The US economy has so far resisted the escalation of the US-China trade war as well as tensions with other trading partners, including Canada, the EU and Mexico, which have rocked the financial markets.
The stable economy is likely to stimulate the Federal Reserve later this month to raise its leading interest rate for the third time this year, informs BTA.
The Labor Ministry reported today that newly-issued unemployment claims have fallen by 10,000 to 203,000 in the week to September 1, taking into account seasonal factors. This is the lowest level since the index had been prepated.
The economists surveyed by Reuters forecast an increase in claims to 214,000.
The more stable four-week average reported a decline of 2,750 applications last week to 209,500, which was also the lowest since December 1969.
Even so, the figures add to signs businesses are keeping existing staff and adding new workers to help meet demand being boosted by tax cuts in the 10th year of the economic expansion.