The number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week as the labour market remains resilient despite higher borrowing costs and mounting fears of a recession this year.
The surprise decline in weekly jobless claims reported by the Labor Department today raised cautious optimism that the economy could skirt a recession or experience a shallow and short downturn.
Federal Reserve Chair Jerome Powell told reporters yesterday that the economy could return to 2 per cent inflation without a really significant downturn or a big increase in unemployment.
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