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US jobless claims fall to 229,000
Unemployment benefit applications in the US dropped by 5,000 last week, landing at 229,000.
Even with the economy slowing down, most companies are holding onto their workers—jobless claims have stayed steady between 200,000 and 250,000 since the pandemic recovery began.
Fed may cut key interest rate
The job market is definitely cooling off: only about 35,000 jobs were added per month over the past three months—a big drop from last year.
Growth has also slowed to just 1.3% in the first half of the year.
With hiring sluggish and uncertainty around tariffs making things trickier, Fed Chair Jerome Powell has signaled last week that the central bank may cut its key interest rate at its next meeting Sept 16-17 to help boost things.