The impact of hurricanes and temporary factory closures fades, with initial jobless claims in the United States falling more than expected last week

As the impact of hurricanes and temporary factory closures by automakers gradually subsides, the initial jobless claims in the United States last week fell more than expected. Data released by the U.S. Department of Labor on Thursday showed that the initial jobless claims for the week ending July 20 were 235,000, lower than the market expectation of 238,000 and the previous value of 243,000. In addition, the continuing jobless claims for the week ending July 13 were 1.851 million, below the market expectation of 1.86 million and the previous value of 1.867 million. It is reported that the initial jobless claims for the week ending July 13 rose to 242,000 in the United States, due to temporary factory closures by automakers for restructuring and the damage caused by Hurricane Beryl leading to a sharp increase in initial jobless claims in Texas. Despite recent fluctuations in initial jobless claims, they are still at low levels when measured against historical standards. Previously released data showed that the U.S. unemployment rate rose to 4.1% in June, a sign of a slowdown in the U.S. labor market. Federal Reserve Chairman Powell has also stated that, from many indicators, the labor market has significantly cooled, and the labor market is not a source of inflationary pressure at the moment. Financial markets believe that this, along with a series of data indicating a slowdown in inflation, provides support for the Fed to cut interest rates in September