People searching for “jobless aid” (unemployment, food stamps, etc.) fell from a 14-month high, snapping a streak of three consecutive increases.
Weekly applications for unemployment were at 278,000, much less than the 294,000 that was reported in previous weeks. The number was also pretty close to what analysts predicted, missing the mark by only 3,000.
This decline in jobless claims also parallels recent reports that hiring is back on track, and that less people are claiming they are unemployed. 160,000 jobs were added in April which was enough to keep the unemployment rate steady.
All of this spells good news for the U.S. economy, which has been having trouble this year. The retail industry is tanking, oil prices are volatile and even relatively stable economic indicators like the commodities market seems to be in flux. This may spell good timing for the Fed as they contemplate an interest rate hike.
The likelihood of an interest rate hike this coming June continues to grow because of numbers like this. However, it’s not only the job rate that is proving the economy is growing stronger. The USD exchange rate is rising compared to other floundering economies around the world such as Japan and China.
The US is relatively weak against the Euro, but the impending Brexit vote may swing the ratio more in the US’s favor.
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