The number of Americans filing new claims for unemployment benefits rose last week to the highest level in 11 months, pointing to some weakness in the Labour market.
Reuters reports that the Labor Department said Thursday that initial claims for unemployment benefits rose by 14,000 to a seasonally adjusted 249,000 in the week ended July 27, the highest level since August.
Economists polled by Reuters forecast 236,000 jobless claims for the latest week.
Jobless claims have been trending higher since June, partly due to the temporary closure of auto plants for restructuring and the impact of Hurricane Beryl in Texas.
Government data released Tuesday showed layoffs in June were the lowest in more than two years.
Federal Reserve Chairman Jerome Powell told reporters Wednesday that while he sees changes in the labor market as "broadly consistent with the normalization process," policymakers are watching closely to see if other signs begin to show.
On June 30th, Raphael Bostic, the president of the Atlanta Federal Reserve Bank, stated that tariffs might have a gradual impact on prices rather than a one-time shock, which could lead to more persistent upward pressure on inflation.
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