It’s good news for American workers but potentially bad news in the fight against inflation.
Applications for jobless claims in the U.S. for the week ending February 25 fell to 190,000 from 192,000 the previous week, the Labor Department said Thursday. It’s the seventh straight week claims were under 200,000.
The Fed’s hawkish interest rate policy appeared to be slowing inflation, but recent data has suggested otherwise. Some economists now expect the Fed to raise its benchmark rate by a substantial half-percentage point when it meets later this month. Last month, the government reported that employers added a better-than-expected 517,000 jobs in January and that the unemployment rate dipped to 3.4%, the lowest level since 1969. Fed policymakers have forecast that the unemployment rate would rise to 4.6% by the end of this year, a sizable increase historically associated with recessions.
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