FX.co ★ US Initial Jobless Claims Ease from 2-Month High

Initial jobless claims in the United States decreased by 13,000, reaching 228,000 for the week ending May 3rd. This figure came in slightly below market expectations of 230,000, presenting a stark contrast to the two-month high observed the previous week. Concurrently, continuing unemployment claims dropped by 29,000 to 1,879,000, descending from the over three-year high recorded in mid-April. These figures underscore the resilience of the labor market when viewed against historical benchmarks, aligning with Federal Reserve Chairman Powell’s assessment during the latest central bank decision. Additionally, initial unemployment claims submitted by federal government employees, monitored closely due to layoffs by the Department of Government Efficiency (DOGE), decreased by 2, settling at 468.