American Unemployment Claims Fall to 197,000

Last week, 197,000 Americans filed for unemployment benefits for the first time, lower than the expected 201,000 claims. The figure from the previous week was revised from 197,000 to 198,000. This indicates a limited wave of layoffs in the U.S. labor market. The average number of claims over four weeks fell to 200,000, confirming that layoffs remain constrained. Additionally, the PCE inflation in August came in at 3.4 percent year-on-year, lower than feared, with core inflation at 3.0 percent excluding volatile food and energy prices. Although these figures are positive, they remain above the inflation target of 2 percent. The Federal Reserve raised interest rates on September 16 to 3.75 to 4 percent. For crypto investors, these figures are important as lower inflation could reduce the pressure on the central bank to raise rates. This could be favorable for riskier investments, but a strong labor market may also mean that the central bank is less likely to implement rate cuts quickly. New inflation and employment figures will determine the direction of Fed policy.

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