In the US, further evidence of a weakening labor market has reanimated expectations the Federal Reserve will need to cut interest rates sooner than previously thought.
US Initial Jobless Claims data for the week of May 3, released on Thursday, showed a higher-than-expected 231,000 rise when 210,000 had been expected from an upwardly revised 209,000 in the previous week.
This comes on the back of a Nonfarm Payrolls report that showed below-estimated readings for April in almost all key metrics measured.
The data suggests the US economy is struggling under the weight of the currently high interest rates environment and increases speculation the Fed may move to cut rates sooner than previously thought.
Commentary from Federal Reserve officials, however – most recently from Boston Fed President Susan Collins and Minneapolis Fed President Neel Kashkari – has leaned hawkish, with both arguing that inflationary pressures remain too high to consider reducing interest rates.
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