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US weekly unemployment claims increase less than forecast
The U.S. Department of Labor announced that the number of new unemployment benefit claims increased by 9,000 last week, reaching 197,000 claims after seasonal adjustment, reflecting stability in the U.S. labor market. The rise is partly attributed to seasonal changes, especially with major companies like General Motors continuing to operate their factories, while Ford abolished its usual annual shutdown for production, which helps reduce seasonal fluctuations in the data. The report shows that the number of people continuing to receive unemployment benefits declined to 1.782 million. Meanwhile, the labor market remains slow in hiring and layoffs, with the unemployment rate decreasing to 4.2% in June, despite risks of rising in the near future due to declining consumer confidence.
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