U.S. Jobless Claims Tick Up, Still Show Strong Labor Demand, but Mostly for Low Skill Labor
Applications for U.S. unemployment benefits rose slightly last week to a level that’s still consistent with resilient demand for labor.
Initial jobless claims edged up by 2,000 to 232,000 in the week ended May 27, a Labor Department report showed Thursday. The median forecast in a Bloomberg survey of economists called for 235,000 claims.
Data from the Commerce Department earlier this month showed inflation falling below the 5% mark for the first time in two years, with CPI pegged at an annualized rate of 4.9%. The core inflation, which, as we know, strips-out volatile components such as food and energy prices, rose 0.4% on the month and 5.5% on the year, with both readings matching Wall Street forecasts.
The Reserve Bank of India left its key interest rate unchanged for a second meeting and retained its tightening stance, signaling rate-setters want to see inflation moderating further while weaker monsoon risks remain a concern.
Tesla Inc (TSLA) CEO Elon Musk met with Chinese Vice Premier Ding Xuexiang last week in Beijing.