US Jobless Claims Jump Amid Trade Uncertainty
US jobless aid filings rose by 14,000 to 240,000 last week, underscoring economic uncertainties amid global trade tensions. Despite challenges, the labor market remains strong with low layoffs. President Trump's tariff policies, recently challenged in court, add to economic concerns alongside the Federal Reserve's monetary strategies.
- Country:
- United States
The latest data on US jobless aid filings shows a notable increase, reflecting ongoing uncertainties affecting the global trade landscape. Applications for unemployment benefits rose by 14,000 to reach 240,000 for the week ending May 24, surpassing analysts' expectations of 226,000, the Labor Department reported on Thursday.
Despite these figures, the US labor market continues its robust performance, maintaining a historically healthy range of jobless claims. The market has withstood significant pressures since the onset of the COVID-19 pandemic, marked by widespread fears of a recession and job losses.
A recent ruling by a federal court has blocked former President Trump's initiative to impose tariffs under emergency powers, leading to a wave of relief across financial markets. Meanwhile, the Federal Reserve's strategic lending rates aim to balance the dual mandate of controlling inflation and maintaining low unemployment, amid President Trump's ongoing tariff policies and challenges in downsizing government workforce.
(With inputs from agencies.)
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