US labor market on solid footing; manufacturing still slowing

WASHINGTON: The number of Americans filing applications for unemployment benefits fell more than expected last week, pointing to underlying labor market strength despite a sharp slowdown in job growth in May.

Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 216,000 for the week ended June 15, the Labor Department said. Economists polled by Reuters had forecast claims would decrease to 220,000 in the latest week. Fed Chairman Jerome Powell acknowledged the meager job gains in May and said"in light of recent developments this bears watching," but also noted that"many labor market indicators remain strong."U.S. stock index futures moved slightly higher after the release of the data while U.S. Treasury yields trimmed their declines. The U.S. dollar held earlier losses.

The Atlanta Fed is forecasting gross domestic product rising at a 2.0per cent annualized rate in the second quarter. The economy grew at a 3.1per cent pace in the January-March quarter, boosted by a temporary burst in exports and an accumulation of inventories.

Source: News Formal (newsformal.com)

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