Initial jobless claims fell, but not as much as expected, according to the Department of Labor…(Reuters)
Initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 229,000 for the week ended June 18. Economists polled by Reuters had forecast 227,000 applications for the latest week. Claims have been treading water since tumbling to more than a 53-year low of 166,000 in March.
The labor market continues to remain extremely tight, but signs that we could some loosening in the next few months. The Wall Street Journal reports that businesses in a range of industries are pulling back job offers to recruits they were courting just a short time ago.
Companies including Twitter Inc. , real-estate brokerage Redfin Corp. , and cryptocurrency exchange Coinbase Global Inc. have rescinded offers in recent weeks. Employers in other pockets of the economy are pulling away offers too, including some in insurance, retail marketing, consulting and recruiting services.