BlockBeats News, May 8th: The number of initial jobless claims in the United States last week dropped more than expected, indicating that the labor market continues to remain stable despite increasing tariff risks. The U.S. Department of Labor announced that the seasonally adjusted number of initial jobless claims for the week ending May 3 decreased by 13,000 to 228,000, while the market was expecting 230,000.
This decline partially offset the impact of the spring break in New York state, which had pushed the number of people applying for unemployment benefits to a two-month high. However, economists believe that the weakness seen in surveys of business and consumer sentiment will eventually affect so-called hard data such as initial jobless claims, inflation, and employment reports. On Wednesday, the Federal Reserve kept interest rates in the range of 4.25% to 4.50%, with policymakers noting that "the risks of rising unemployment and inflation have increased." (FX678)
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