The number of people filing for unemployment benefits in the U.S. last week has shown a decrease, pointing to solid job market strength, as reported by ChainCatcher. The number of unemployment benefit claims for the week ending May 11 stood at 222,000, marking a decrease from the preceding week. This positive shift can be largely credited to a surge in jobless claims in New York due to school spring break.
Although the U.S. labor market status remains strong, it is witnessing a steady rebalance following the Federal Reserve's decision to hike interest rates by 525 basis points since March 2022.
