U.S. employment stays strong
The U.S. labor market continued to demonstrate strong resilience despite economic tensions, with weekly jobless claims rising slightly by 1,000 to reach 199,000 for the past week, still below analysts' forecasts of 202,000 claims. Additionally, the four-week moving average of claims decreased to 198,750. The number of people receiving unemployment benefits increased by 24,000 to 1.801 million during the week ending July 25. Meanwhile, American companies announced layoffs totaling 33,429 employees in July, a 27% decline from June and a 46% decrease year-over-year. The technology sector remained the leader in job cuts, mainly due to artificial intelligence developments. The data confirm the continued stability of the labor market, showing little impact from oil price tensions or the US-Israel conflict with Iran, providing the Federal Reserve with flexibility in setting interest rates to control inflation.
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