U.S. labor market strong; second-quarter GDP growth expected to be revised down


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(Worthy News) – The number of Americans filing applications for unemployment benefits unexpectedly fell last week, suggesting the labor market remains strong even as the economy is slowing.

The jobless claims report from the Labor Department on Thursday, however, does not fully account for the impact of the recent escalation in the bitter trade war between the United States and China, which has led to an inversion of the U.S. Treasury yield curve and raised the risk of a recession.

Worries about the trade war’s effect on the economic expansion, the longest on record, prompted the Federal Reserve to cut interest rates last week for the first time since 2008. [ Source: Reuters (Read More…) ]

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