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☆ US labor market resilient; productivity rebounds in second quarter
▼ + stars: | 2023-08-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Other data from the Labor Department on Thursday showed a marked slowdown in labor costs in the second quarter, thanks to a sharp rebound in worker productivity. That added to reports last month showing a significant moderation in annual inflation in June as well as wage growth in the second quarter. Reuters GraphicsWorkers were more productive in the second quarter, which helped to curb growth in labor costs. Nonfarm productivity, which measures hourly output per worker, increased at a 3.7% annualized rate in the second quarter after declining at a 1.2% pace in the January-March quarter, the Labor Department said in a third report. Unit labor costs - the price of labor per single unit of output - rose at a 1.6% rate in the second quarter.

Persons: Andrew Kelly, Bill Adams, Nonfarm payrolls, Sarah House, Lucia Mutikani, Safiyah Riddle, Paul Simao, Andrea Ricci Organizations: REUTERS, WASHINGTON, Federal Reserve, Labor Department, Comerica Bank, Labor, The Institute for Supply Management, Treasury, Reuters, Reuters Graphics Workers, Thomson Locations: Manhattan , New York City, U.S, Dallas, California, Ohio, Texas, Georgia, Missouri, Wells, Charlotte , North Carolina

☆ US factory orders jump in June on transportation equipment demand
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dan KoeckWASHINGTON, Aug 3 (Reuters) - New orders for U.S.-made goods surged in June, boosted by strong demand for transportation equipment and other goods, showing some pockets of strength in manufacturing despite higher interest rates. Factory orders increased 2.3% after rising 0.4% in May, the Commerce Department said on Thursday. Orders for transportation equipment jumped 12.0% in June after rising 4.2% in the prior month. The inventory of manufactured goods was unchanged. Business spending on equipment rebounded strongly in the second quarter after contracting for two straight quarters.

Persons: Dan Koeck WASHINGTON, Lucia Mutikani, Paul Simao Organizations: Polaris, REUTERS, U.S, Commerce Department, Reuters, Federal Reserve, Institute for Supply Management, PMI, Civilian, Thomson Locations: Roseau , Minnesota, U.S

Chartbook: Electricity and diesel useIndustrial electricity use and distillate fuel oil consumption are both correlated with the manufacturing and freight cycle and therefore with the purchasing managers index. Distillate fuel oil consumption actually rose by almost +0.8% in the three months from March to May compared with a year earlier. The strength of domestic distillate consumption helps explain why fuel oil inventories have remained well below the prior ten-year seasonal average. DISTILLATE SUPPLIEDThe resilience of industrial electricity use and especially apparent distillate fuel oil consumption may indicate the ISM manufacturing index is overstating the depth of the downturn. Accumulation of secondary and tertiary stocks in April and May would imply lower apparent consumption in June and July.

Persons: Guan, John Kemp, Barbara Lewis Organizations: Angeles Refinery, California Air Resources Board, The Institute, Supply, U.S . Energy Information Administration, U.S, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, doldrums

☆ US job openings at more than two-year low but still elevated
▼ + stars: | 2023-08-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

There were 1.6 job openings for every unemployed person in June, little changed from May. Economists polled by Reuters had forecast 9.610 million job openings. Reuters GraphicsThere were an additional 136,000 job openings in healthcare and social assistance, while vacancies increased by 62,000 in state and local government, excluding education. The job openings rate was unchanged at 5.8% in June. ISM manufacturing PMIIt has, however, not been a reliable predictor of manufacturing employment in the government's nonfarm payrolls count.

Persons: Elizabeth Frantz, Eugenio Aleman, Raymond James, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: REUTERS, Reuters, Federal, Labor, Survey, Labor Department, Employers, Treasury, Institute for Supply Management, PMI, Economists, ISM, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, . U.S

☆ US manufacturing shows signs of stabilizing at lower levels in July, ISM says
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

It was the ninth straight month that the PMI stayed below the 50 threshold, which indicates contraction in manufacturing, the longest such stretch since the 2007-2009 Great Recession. The ISM survey's forward-looking new orders sub-index increased to 47.3 in July. According to the ISM, the delivery performance of suppliers to manufacturing firms has been faster for 10 straight months. It has, however, not been a reliable predictor of manufacturing employment in the government's nonfarm payrolls count. Manufacturing employment likely rose by 5,000 jobs last month, according to a Reuters survey of economists.

Persons: Charles Mostoller, Lucia Mutikani, Paul Simao Organizations: BMW, REUTERS, Reuters Connect WASHINGTON, Institute for Supply Management, PMI, Reuters, ISM, Federal Reserve, Manufacturing, Fed, U.S . Labor Department, Thomson Locations: Greer , South Carolina, U.S

☆ US stocks trade mixed amid earnings rush and fresh economic data
▼ + stars: | 2023-08-01 | by ( Jason Ma | ) www.businessinsider.com time to read: +1 min

US stocks finished mixed Tuesday amid more earnings reports and fresh economic data. The number of job openings dropped by more than expected, according to Labor Department data. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyUS stocks finished mixed on Tuesday amid more earnings reports and fresh economic data that pointed to some weakening. Dow stocks Merck and Caterpillar reported quarterly earnings that topped forecasts, while fellow blue chip Pfizer gave mixed results. The Labor Department reported that job openings in June fell to 9.582 million from 9.824 million in the prior month, below forecasts for about 9.6 million.

Organizations: Labor Department, Service, Dow, Merck, Caterpillar, Pfizer, Institute, Supply Locations: Wall, Silicon

☆ Morning Bid: Will August retain July's heat?
▼ + stars: | 2023-07-31 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

August 1 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp, financial markets journalist. Asian stocks have closed the books on a July that ran fairly hot, and not just with respect to temperatures. On Tuesday, Australia's central bank is expected to follow in the footsteps of its global peers by hiking its policy rate by 25 basis points. Both reports should provide further clarity on the effects of the Federal Reserve's restrictive monetary policy on the world's largest economy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Stephen Culp, Wall, Deepa Babington Organizations: CSI, Asia Pacific, Nikkei, China PMI, Bank of Japan's, Caterpillar, Institute for Supply, Labor, Reserve Bank of, Global, PMI, Thomson, Reuters Locations: Japan, China, Australia's, United States, India, Korea

☆ US economy shifts into disinflation mode; consumer prices rise modestly
▼ + stars: | 2023-07-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

That was the smallest year-on-year increase since March 2021 and followed a 4.0% rise in May. The year-on-year CPI is slowing in part as last year's large rises drop out of the calculation. It was the first time in six months that the so-called core CPI did not post monthly gains of at least 0.4%. Services prices rose 0.3%, matching May's gain. Economists view the ISM services prices paid measure as a good predictor of personal consumption expenditures (PCE) inflation.

Persons: Christopher Rupkey, Joe Biden, Chris Zaccarelli, Sarah Silbiger, Michael Gregory, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Fed, Reuters Graphics, CPI, Reuters, Independent, Treasury, El Progreso Market, Washington , D.C, REUTERS, Institute, Supply, BMO Capital Markets, Thomson Locations: WASHINGTON, U.S, New York, Charlotte , North Carolina, Mount Pleasant, Washington ,, Toronto

☆ US consumer prices post modest gains; economy shifts into disinflation mode
▼ + stars: | 2023-07-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

U.S. Treasury prices rose. It was the first time in six months that the so-called core CPI did not post monthly gains of at least 0.4%. In the 12 months through June, the core CPI rose 4.8%. Core inflation is expected to continue receding in the months ahead, with the labor market cooling and independent measures showing rents on a downward trend. Economists view the ISM services prices paid measure as a good predictor of personal consumption expenditures (PCE) inflation.

Persons: Christopher Rupkey, Sarah Silbiger, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Reserve, Labor Department, Fed, Reuters Graphics, CPI, Reuters, Treasury, El Progreso Market, Washington , D.C, REUTERS, Institute, Supply, Thomson Locations: WASHINGTON, U.S, New York, Mount Pleasant, Washington ,

☆ US job gains smallest in 2-1/2 years; labor market still tight
▼ + stars: | 2023-07-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Nonfarm payrolls increased by 209,000 jobs last month, the smallest gain since December 2020, the survey of establishments showed. Government employment remains 161,000 below its pre-pandemic levels. Leisure and hospitality employment remains 369,000 below its pre-pandemic levels. The household survey from which the unemployment rate is derived showed employment rebounding 273,000, reversing the 310,000 decline in May. Reuters Graphics"Though demand for labor remains unmatched, the labor shortages that employers sighed over a year ago have definitely subsided some," said Andrew Flowers, lead labor economist at Appcast.

Persons: Sean Snaith, payrolls, Selcuk Eren, Andrew Flowers, Lucia Mutikani, Daniel Wallis, Chizu Nomiyama, Andrea Ricci Organizations: Reserve, Labor, University of Central Florida's Institute, Economic, Reuters, Manufacturing, Institute for Supply, Treasury, Companies, Conference Board, Thomson Locations: WASHINGTON, U.S, Washington

☆ Slower, still strong US job growth expected in June
▼ + stars: | 2023-07-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The economy needs to create 70,000-100,000 jobs per month to keep up with growth in the working-age population. A Conference Board survey last month showed consumers' perceptions of the labor market more upbeat in June relative to May. But first-time applications for unemployment benefits jumped to a 20-month high during the week that the government surveyed businesses for the nonfarm payrolls count. "They are going to opt to cut hours worked, that is something we need to pay very close attention to, rather than the net gain in nonfarm payrolls." The slowdown in wage growth is being driven by the loss of high-paying technology and finance jobs among others.

Persons: Jerome Powell, Sung Won Sohn, Payrolls, Ryan Sweet, Milton Ezrati, Yelena Shulyatyeva, Lucia Mutikani, Daniel Wallis Organizations: Labor, Federal Reserve, U.S, Loyola Marymount University, Institute for Supply, Board, Oxford Economics, West Chester Pennsylvania, BNP, Thomson Locations: y WASHINGTON, Los Angeles, payrolls, West Chester, nonfarm, New York

☆ Dollar eases after strong labor market reports
▼ + stars: | 2023-07-06 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

NEW YORK, July 6 (Reuters) - The dollar eased after a brief rebound on Thursday as data showing the U.S. labor market remains strong increased chances the Federal Reserve will raise interest rates later this month. "Take it together with how equity markets have responded, that gives a clear picture of the dollar today. The dollar index , measuring the U.S. currency against six others including the euro and Japan's yen, fell 0.18% to 103.13. "The FX market is taking more of a 'one-dimensional approach' to trading the British disease," said Stephen Gallo, global FX strategist at BMO Capital Markets. The Chinese yuan last traded down slightly at 7.2575 per dollar in the offshore market , a day after falling about 0.4%.

Persons: payrolls, Brian Daingerfield, Lorie Logan, Brad Bechtel, Stephen Gallo, Gallo, Bitcoin, Herbert Lash, Samuel Indyk, Rae Wee, David Holmes, Mark Potter, Richard Chang Organizations: YORK, Reserve, Labor Department, Institute for Supply Management, NatWest Markets, Fed, Dallas, FX, Jefferies, of England, BMO Capital Markets, Thomson Locations: U.S, Stamford , Connecticut, London, Singapore

Private payrolls increased more than expected in June, the ADP National Employment report showed, indicating the labor market remained strong despite growing risks of a recession from higher interest rates. Another survey showed the number of Americans filing new claims for unemployment benefits increased moderately last week. "The Fed has been hopeful to see a modest deterioration in the labor market," said Randy Frederick, managing director of trading and derivatives for Charles Schwab. "But since the ADP number was almost twice of what was expected, it generally implies there's potential for more rate hikes going forward." Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: payrolls, Randy Frederick, Charles Schwab, Lorie Logan, Janet Yellen, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, ADP, Dallas, Twitter, Dow Jones, Nasdaq, Institute for Supply, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: ., Beijing, Washington, China, U.S, Bengaluru

Most tech and growth megacaps, whose valuations come under pressure when borrowing costs rise, fell in early premarket trading, with Alphabet (GOOGL.O) and Tesla (TSLA.O) down 0.7% each. Meta Platforms (META.O) rose 1.8% after attracting millions of users within hours of launching Threads on Wednesday. After a dismal 2022, big growth and technology stocks have seen outsized gains in 2023, with the Nasdaq Composite (.IXIC) clocking its best first-half in 40 years. ET, Dow e-minis were down 139 points, or 0.4%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 69.25 points, or 0.45%. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen's, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, Nasdaq, Wall, Meta, Twitter, Victoria, Interactive Investor, Investors, Institute for Supply, Dow e, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, Coty, Thomson Locations: Beijing, Washington, China, U.S, Bengaluru

☆ Stock Market Today: Dow Falls More Than 450 Points; Meta Stock Gains After Threads Launch
▼ + stars: | 2023-07-06 | by ( ) www.wsj.com time to read: +1 min

Bond yields rose and stocks fell after fresh economic data showed the labor market is still running hot. U.S. stocks fell. The S&P 500, Dow industrials and Nasdaq Composite each dropped more than 1%. The communications services sector was off more than 1%; it includes Meta Platforms, which wavered in morning trading after launching Threads, a Twitter competitor. Oil prices fell.

Persons: Dow, Hong, Hang Seng Organizations: Institute for Supply Management, Labor Department, Dow industrials, Nasdaq, Brent, Energy, Overseas, Nikkei Locations: U.S, Europe, Iran

☆ U.S. factory orders miss expectations in May
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Factory orders rose 0.3% after advancing by the same margin in April, the Commerce Department said on Wednesday. Orders increased 1.1% through May from a year earlier. Orders for transportation equipment increased 3.8% in May after accelerating 4.8% in the prior month. Civilian aircraft orders soared 32.8%, but motor vehicle orders fell 0.6%. Excluding transportation, orders fell 0.5%.

Persons: Lucia Mutikani Organizations: U.S, Commerce Department, Reuters, Institute, Supply, Civilian, Thomson

LONDON, July 4 (Reuters) - U.S. manufacturers reported another widespread decline in business activity during June, which continued to weigh down industrial energy consumption and prices. Chartbook: U.S. industrial energy useThe forward-looking new orders component rose to 45.6 (9th percentile) in June up from 42.6 (6th percentile) in May but was still down from 49.2 (19th percentile) a year ago. ENERGY CONSUMPTIONIndustrial energy consumption is closely correlated with the manufacturing and freight cycle. Softness in diesel and electricity consumption is consistent with the moderate but persistent downturn in manufacturing evident in ISM surveys since the middle of 2022. It has helped take some of the pressure off diesel and electricity supplies and reversed the previous upward trend in prices.

Persons: John Kemp, David Holmes Organizations: Institute, Supply, Business, Institute for Supply Management, Manufacturers, U.S . Energy Information, Thomson, Reuters Locations: U.S, United States, doldrums

The Institute for Supply Management (ISM) said its manufacturing PMI dropped to 46.0 from 46.9 in May, the lowest reading since May 2020. "The ISM saw the dollar pare its earlier gains," he said. The yield on interest rate-sensitive two-year Treasuries fell on the news, before later heading higher, as did the dollar. The yen fell to near eight-month lows against the dollar as intervention came into sight after Finance Minister Shunichi Suzuki warned on Friday against investors selling the yen too far as it weakened past the threshold of 145 to the dollar. The Japanese yen weakened 0.17% versus the greenback to 144.59 per dollar.

Persons: Marc Chandler, pare, Treasuries, Shunichi Suzuki, Joice Alves, Ankur Banerjee, David Evans, Conor Humprhies, Christina Fincher Organizations: Institute for Supply Management, PMI, Bannockburn Global, Japan, Bank of Japan, European Central Bank, Thomson Locations: Bannockburn, New York, China, London, Singapore

☆ US manufacturing slump deepens, factory gate price pressures subdued
▼ + stars: | 2023-07-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Shrinking activity left factories resorting to layoffs, the survey from the Institute for Supply Management (ISM) showed on Monday. ISM Manufacturing Business Survey Committee Chair Timothy Fiore described the practise as happening "to a greater extent than in prior months." At face value, the ISM survey is consistent with an economy that is in recession. The ISM survey showed that transportation equipment was the only one of the six biggest industries reporting growth last month. ISM manufacturing PMIWEAK DEMANDThe ISM survey's forward-looking new orders sub-index climbed to a still-subdued 45.6 from 42.6 in May amid increased caution from businesses and consumers alike.

Persons: Timothy Fiore, payrolls, Andrew Hunter, Jonathan Millar, José Torres, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Institute for Supply Management, Manufacturing Business Survey, Federal Reserve, Capital Economics, PMI, Reuters, Treasury, Barclays, Manufacturers, Machinery, Commerce Department, Interactive Brokers, Thomson Locations: homebuilding WASHINGTON, U.S, New York, Miami

☆ Explainer: The Fed's rate policy path, and what the data says
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

Here's a guide to some of the key data that will shape the policy debate and expectations around the Federal Reserve's next move:INFLATION (released June 30): Headline price pressures by the Fed's preferred inflation gauge eased to 3.8%, their lowest year-on-year reading since 2021, but underlying inflation pressures remained stuck on overdrive, with the core personal consumption expenditures index at 4.6%. The lack of progress toward the Fed's 2% target makes it less likely that Fed policymakers will feel comfortable holding off again on a rate hike come July. That ratio has dropped as the Fed's rate hikes have slowed labor market demand. A still-robust job market driving wage gains and consumer spending would be seen as contributing to the persistence of high inflation, and would build the case for further Fed rate hikes. Reporting by Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Ann Saphir, Andrea Ricci Organizations: Federal, Reuters Graphics Reuters Graphics, Institute for Supply Management, Labor, Survey, Thomson

And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed. In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Here’s what Biden can take credit for – and what he can’t. In other aspects, the labor market certainly had a boost from Biden’s fiscal policies. Since then, the American workforce has consistently outpaced the pre-pandemic workforce.

Persons: Joe Biden, “, ” Biden, Biden, Jerome Powell, ”, Ben Bernanke, Olivier Blanchard, It’s, it’s, let’s, That’s Organizations: DC CNN, Wednesday, Federal Reserve, –, Congress, American, Manufacturers, Treasury Department, P Global, Institute for Supply Management, Bureau of Labor Statistics, Republicans, Fed, International Monetary Fund, Brookings Institution, Biden, European Central Bank, Federal Reserve Bank of New Locations: Washington, Chicago, American, United States, Ukraine, Federal Reserve Bank of New York

☆ US core capital goods orders beat expectations; shipments rise modestly
▼ + stars: | 2023-06-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

SummarySummary Companies Core capital goods orders increase 0.7% in MayShipment of core capital goods rise 0.2%Durable goods orders jump 1.7%WASHINGTON, June 27 (Reuters) - New orders for key U.S.-manufactured capital goods unexpectedly rose in May, but the prior month's data was revised down, suggesting that businesses remained cautious about new capital investment because of higher borrowing costs and an uncertain economic outlook. Core capital goods orders increased 0.7% last month. Data for April was revised lower to the core capital goods rising 0.6% instead of 1.3% as previously reported. Economists polled by Reuters had forecast core capital goods orders would be unchanged. Core capital goods shipments are one of the inputs used to calculate equipment spending in the gross domestic product measurement.

Persons: Rubeela Farooqi, Lucia Mutikani, Chizu Organizations: Commerce Department, Reuters, Federal, Institute, Supply, Transportation, Boeing, Thomson Locations: WASHINGTON, White Plains New York, U.S

☆ Karen Firestone: The long-awaited recession hasn’t arrived yet. Here’s what forecasters are getting wrong
▼ + stars: | 2023-06-14 | by ( Karen Firestone | ) www.cnbc.com time to read: +5 min

The beginning of Bank of America's 2023 outlook report, which included interviews with its top economists and strategists, highlighted "what a potential recession could mean for the markets." The bank indicated in one of its reports that the average probability among strategists predicting a 2023 recession at the end of last year was about 65%. Cynics might say economists and market strategists are often wrong. Finally, it seems as if the stock market recognized the limitations of the recession prediction back in October 2022. The recession may follow that same path if inflation, including energy, continues to slide and enough portions of the economy hold up.

Persons: Goldman Sachs, It's, Louis, Karen Firestone Organizations: Boston Celtics, Boston Bruins, Bank of, Federal, Treasury, Street, U.S . Bureau of Labor Statistics, Institute for Supply Management, Capital Markets, Federal Reserve Bank of St, Investors, Celtics, Bruins, Asset Management Locations: U.S

☆ Global manufacturing is sputtering
▼ + stars: | 2023-06-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

S&P Global data showed that the US manufacturing sector fell into contraction territory in May. Business conditions in China’s manufacturing industry, the largest in the world, improved in May, according to the Caixin manufacturing Purchasing Managers’ Index. Globally, manufacturers’ optimism fell to its lowest level since December, according to the JPMorgan Global Manufacturing PMI. The possibility of China reinvigorating global economic growth is slipping. That could eventually lead to global manufacturers trimming their workforces if demand for goods continues to weaken and their backlogs shrink further.

Persons: ”, Ariane Curtis, “ We’ve, Tom Garretson, Jerome Powell, hasn’t, won’t bode, Liu Young, Monish Patolawala Organizations: DC CNN — Manufacturers, Factories, P, Institute for Supply Management, Commerce Department, JPMorgan Global Manufacturing PMI, Capital Economics, International Monetary Fund, RBC Wealth Management, Credit Suisse, UBS, The Federal Reserve, European Central Bank, Fed, Apple, 3M, National Association of Manufacturers Locations: Washington, United States, Ireland, China, Europe, Germany, Europe’s

☆ US weekly jobless claims race to 1-1/2-year high, economists urge caution
▼ + stars: | 2023-06-08 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

After rampant fraud in Massachusetts briefly boosted claims to a 1-1/2-year high in May before being revised away, economists cautioned against reading too much into the latest rise. Economists polled by Reuters had forecast 235,000 claims for the latest week. Unadjusted claims increased only 10,535 to 219,391 last week, with applications in Ohio surging 6,345 and filings in California shooting up 5,173. The Federal Reserve is expected to keep its policy rate unchanged next Wednesday for the first time since March 2022 when it embarked on its fastest interest rate hiking campaign since the 1980s. The U.S. central bank has raised its policy rate by 500 basis points since then.

Persons: Conrad DeQuadros, Unadjusted, Gisela Hoxha, Matthew Martin, Stuart Hoffman, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Labor Department, Brean, Reuters, Auto, Citigroup, Federal, Treasury, Oxford Economics, PNC Financial, Institute for Supply Management, PMI, Thomson Locations: WASHINGTON, Ohio , Minnesota, California, Massachusetts, New York, Ohio, Minnesota, U.S, Pittsburgh , Pennsylvania

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