TechFlow, according to Jinshi News, the number of initial jobless claims in the United States for the week ending May 11 was 222,000, compared to an expected 220,000 and a previous revised figure of 231,000. The decline in the U.S. weekly jobless claims indicates underlying strength in the labor market.
The data had risen last week to its highest level in over eight months, and this week's slight decrease partially reversed that increase. This week’s rise in initial claims was largely attributed to a surge in applications from New York linked to school spring breaks. Although the U.S. labor market remains healthy, it is undergoing steady rebalancing following the Federal Reserve's cumulative 525 basis points of interest rate hikes since March 2022. A moderation in labor market conditions alongside a resumption of the downward trend in inflation has increased the likelihood of a rate cut in September.
