US initial jobless claims 222K vs 240K estimate

• Initial jobless claims 222K vs 240K estimate.Lowest since May 27 week. The prior week was revised to 228K from 232K
• 4 week moving average 233K vs 240.50K (revised)
• continuing claims 1.473M vs 1.435M. The prior week was revised to 1.437M vs. 1.438M
• 4 week moving average 1.439M vs 1.4283M last week

The lack of slack in the labor market is a concern for the Fed. Jason Furman* had an op ed in the Wall Street Journal where his study concluded:

"....if the unemployment rate follows the Federal Open Market Committee’s median economic projection from June that the unemployment will rise to only 4.1%, then the inflation rate will still be about 4% at the end of 2025. To get the inflation rate to the Fed’s target of 2% by then would require an average unemployment rate of about 6.5% in 2023 and 2024."

The current unemployment is at 3.7%.

*Mr. Furman, a professor of the practice of economic policy at Harvard University, was chairman of the White House Council of Economic Advisers, 2013-17.

/inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term