Data from the Bureau of Labor Statistics, Thursday, showed that applications for government unemployment benefits for the first time amounted to 264,000 after adjusting for seasonal factors in the week ending June 17, unchanged from the previous week’s reading after upward adjustment, which is the highest since October 2021. .
The median forecast of economists polled by Reuters was for new claims to be 260,000.
The US Federal Reserve expects to continue raising interest rates while easing their pace, its Chairman Jerome Powell said at a congressional hearing Wednesday.
“Given where we’re at, it makes sense that we would raise rates, but at a more moderate pace,” Powell told the House Committee on Financial Services.
Powell’s comments come a week after the rate-setting Federal Open Market Committee voted to keep interest rates steady after raising them 10 consecutive times in just over a year.
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