Unemployment claims hit 10-week low |
| Filings for unemployment benefits in the U.S. decreased to 208,000 for the week ending July 11, marking the lowest level in 10 weeks, according to the Labor Department. This figure is significantly below the 219,000 applications predicted by analysts from FactSet. The decline in jobless claims suggests a stable job market, despite a slowdown in hiring, with only 57,000 jobs added in June. The unemployment rate slightly decreased to 4.2%, primarily due to many individuals ceasing their job search. Notably, companies like Microsoft announced job cuts, with 4,800 positions eliminated, reflecting ongoing caution in the labor market. |
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