On the 28th (local time), the U.S. Department of Labor reported that the number of new unemployment claims for the week of August 17-23 totaled 229,000. This figure is 5,000 lower than the previous week and below the expert forecast of 230,000 compiled by Reuters.
The previously announced figure for the prior week was revised down from 235,000 to 234,000. Additionally, the number of 'continuing unemployment claims,' which refers to claims filed for two weeks or more, stood at 1,954,000 as of August 16, a decrease of 7,000 from the adjusted previous week's figure of 1,961,000.
Experts assessed that the U.S. job market is in a unique 'stagnation' amid this trend. Reuters analyzed that the protectionist policies of the Donald Trump administration are having a chilling effect on both hiring and layoffs. The imposition of tariffs is causing a slowdown in global trade, and weakened domestic demand is reflected in the labor market trends.
However, some are cautioning against excessive worry. The Associated Press noted that the number of new unemployment claims has fluctuated between 200,000 and 250,000 over the past few years, assessing that the current level of layoffs remains within a 'healthy range.'