Gross domestic product increased at a 2% annualized rate last quarter, up from 1.3% pace reported last month.
The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump, which had left initial jobless claims over the prior three weeks hovering at levels last seen in October 2021.
Claims, relative to the size of the labor market, are well below the 280,000 level that some economists say would signal a significant slowdown in job growth.“A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand.” Job growth is being driven by the services sector, including the leisure and hospitality category, which is still catching up after businesses struggled to find workers over the last two years. Industries like healthcare and education also experienced accelerated retirements during the COVID-19 pandemic.The number of people receiving benefits after an initial week of aid, a proxy for hiring, fell 19,000 to 1.
Consumer spending offset the drag from a sharp slowdown in the pace of inventory investment by businesses.A survey from the Conference Board this week showed consumers’ perception of the labor market was upbeat in June, with more viewing jobs as “plentiful” relative to May, and a slight decline in the share who believed that jobs were “hard to get.”Continuing claims covered the period during which the government surveyed households for June’s unemployment rate.unemployment rate was at 3.
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