TechFlow, July 24 — According to Jinshi Data, the number of Americans filing first-time unemployment claims unexpectedly declined last week, indicating a stable labor market despite a slowdown in hiring that has made it harder for many laid-off workers to find new jobs. U.S. Labor Department data released Thursday showed that seasonally adjusted initial jobless claims for the week ending July 19 decreased by 4,000 to 217,000, falling below expectations. This marks a pullback from early June when claims hit an eight-month high. The report also showed that continuing claims rose by 4,000 to 1.955 million in the week ending July 12. Elsie Peng, economist at Goldman Sachs, wrote in a note: “Looking ahead, we expect the ‘stabilization threshold’ for employment growth—that is, the monthly payroll gain needed to keep the unemployment rate stable—to gradually decline from the current estimate of 90,000 to 70,000 by the end of 2025, as immigration continues to slow.”
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