TechFlow news, September 11 — According to Jinshi Data, initial jobless claims in the United States rose significantly last week, consistent with a clear softening in labor market conditions. The U.S. Bureau of Labor Statistics reported on Thursday that seasonally adjusted initial claims for the week ended September 6 increased by 27,000 to 263,000, surpassing both the prior value of 236,000 and the expected 235,000. The U.S. government stated this week that nonfarm payroll employment over the 12 months through March may have been overstated by 911,000. Last week's nonfarm payrolls report showed nearly stagnant job growth in August and a decline in positions in June—the first such drop in four and a half years. A New York Fed survey also indicated that consumer confidence in finding jobs fell in August to the lowest level since June 2013. The Federal Reserve is expected to cut interest rates next week, with a 25-basis-point reduction already fully priced into markets.
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