Initial Jobless Claims Drop to 215,000 While Continuing Claims Rise to 1.89 Million
Recent data indicates a decrease in initial jobless claims, falling by 9,000 to 215,000 for the week ending April 12. This suggests stability in the labor market amidst federal layoffs and tariffs.
Key points:
- Continuing claims increased to 1.89 million, the highest since November 2021, indicating stagnant hiring.
- Federal Reserve Chair Powell noted the labor market's strength but emphasized the need for price stability.
- Market expectations for a May rate cut reduced from 15% to 10% following Powell's comments.
- President Trump criticized Powell, suggesting a desire for his termination, though this action is legally questionable.