Although the data has declined and the chill is deepening! The number of initial jobless claims in the United States fell last week, but it cannot hide the weak pattern of the labor market

According to the Zhitong Finance APP, the number of initial jobless claims in the United States decreased last week, but with both labor demand and supply declining, signs of a softening labor market have emerged. Data released by the U.S. Department of Labor on Thursday showed that the number of initial jobless claims for the week ending September 13 fell to 231,000, down from the previous value of 263,000 and below the market expectation of 240,000. Meanwhile, the number of continuing jobless claims for the week ending September 13 dropped to 1.92 million, down from the previous value of 1.939 million and below the market expectation of 1.95 million. It is reported that the increase in initial jobless claims is mainly concentrated in Texas. The state's labor commission stated that since the holiday on September 1, there has been an "observed increase in attempts at identity fraud applications," which aim to exploit the unemployment insurance system. Although the number of initial jobless claims remains relatively low, hiring in the U.S. labor market has nearly come to a standstill. Economists attribute the slowdown in labor demand to the uncertainty brought about by tariffs. Meanwhile, the Trump administration's crackdown on immigration has reduced labor supply, creating what Federal Reserve Chairman Jerome Powell described on Wednesday as a "strange balance." Powell told reporters on Wednesday, "Typically, when we talk about supply and demand balance, that's a good thing. But in this case, the so-called balance is because both supply and demand have sharply declined. We are now seeing a slight increase in the unemployment rate." On Wednesday local time, the Federal Reserve decided to lower the target range for the federal funds rate by 25 basis points to between 4.00% and 4.25%. This is the first rate cut by the Federal Reserve since December 2024. The latest dot plot indicates that the Federal Reserve will cut rates by another 50 basis points in 2025. In the statement, Federal Reserve policymakers acknowledged that recent inflation "has risen and remained at elevated levels," but also pointed out that the unemployment rate has "marginally increased," and the downside risks to the job market have significantly increased. Data from the U.S. Department of Labor showed that the unemployment rate in August rose to 4.3%, the highest in nearly four years, while the number of new non-farm jobs has slowed for several months in a row