Source: Zhitong Finance

The number of jobless claims in the US until the beginning of April 20 was 207,000, a new low since the week of February 17, 2024. The previous value was 212,000, and the expected value was 215,000.

The number of renewed jobless claims in the US for the week ending April 13 was 1.781 million, which is expected to be 1.805 million, compared to the previous value of 1.812 million.

After the data was released, the yield on US 10-year Treasury bonds rose to 4.70%, the highest level since November 2; Nasdaq 100 futures fell 1.5%, and Dow futures fell 1%.

The number of first-time jobless claims in the US dropped unexpectedly last week, indicating that labor market conditions are still tense. During and after the COVID-19 pandemic, companies hoarded workers because it was difficult to find labor, and earned higher profits due to strong pricing power.

The low unemployment rate has kept wage growth at a high level, maintaining consumer spending, which accounts for more than two-thirds of economic activity. The so-called number of renewed jobless claims covers the period during which the government investigated the household unemployment rate in April. The number of renewed jobless claims declined during the March and April survey periods.

Last month, American employers unexpectedly added 303,000 jobs, another example of how resilient the US economy is in the face of high interest rates. The unemployment rate fell from 3.9% to 3.8%, and has now remained below 4% for 26 consecutive months. This is the longest period since the 1960s.

Although layoffs are still at a low level, the company recently announced more layoffs, mostly in the tech and media sectors.

edit/lambor