Weekly Jobless Claims Lowest in 4 Months

Initial jobless claims dropped to 295,000 for week ending 6/10, a decrease of 8,000 from the previous week. This is the second straight week that claims have fallen, pushing the total initial claims to the lowest level since the week ending Feb. 25.

The advance number for seasonally adjusted insured unemployment during the week ending May 27 was 2,415,000.

Analysts believe that businesses have started to trim their hiring plans in response to signs that the economy is slowing under the impact of rising interest rates, surging energy prices and a cooling housing market (AP).

Is the decline in initial claims overstating the strength in the labor market?


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