FX112 Financial News: The number of people filing for unemployment benefits in the United States unexpectedly fell last week, and the producer price index (PPI) rebounded strongly in April, indicating a tight labor market and rising inflation, which may prompt the U.S. Federal Reserve (Federal Reserve) to raise funds in June. interest.
The strength of the job market is also reflected in the number of Americans continuing to apply for unemployment benefits in the last week of April, which fell to a 28-and-a-half-year low.
"The best job market situation in nearly 30 years should tell Fed officials that additional monetary policy stimulus is no longer needed. They are expected to raise interest rates by another point at the June meeting," said Chief Executive Officer of Bank of Tokyo-Mitsubishi UFJ in New York. Financial economist Chris Rupkey said.
The number of initial jobless claims announced by the Labor Department on Thursday dropped by 2,000 to 236,000 in the week ended May 6 after seasonally adjusting, and did not rise to 245,000 as analysts predicted.
The number of initial jobless claims has been below 300,000 for 114 consecutive weeks, which is a threshold showing the health of the labor market. This is the longest such streak since 1970, when the labor market was smaller.
The labor market is close to full employment, with the unemployment rate at a 10-year low of 4.4%.
The number of people continuing to apply for unemployment benefits decreased by 61,000 to 1.92 million in the week ending April 29, the lowest level since November 1988.
htmlThe sharp rebound in job growth in April also shows that the labor market has momentum; labor market momentum has triggered financial market predictions that the Federal Reserve will tighten monetary policy at its June 13-14 meeting. After thedata was released, the price of U.S. treasury bonds fell briefly, and the interest rate-sensitive two-year U.S. bond yield rose to a nearly two-month high.
U.S. stocks fell as U.S. retail giant Macy's (M.N) quarterly profit fell more than expected, dragging down consumer discretionary stocks. The U.S. dollar index was little changed.
