A department store in Manhattan, New York is seeking new employees. The number of people applying for unemployment benefits for the first time in the US has decreased in the weekly count. Photo: Spencer Platt/Ritzau Scanpix
US data suggests no immediate recession
Recent unemployment figures from the US indicate that fears of an impending recession may be premature. The weekly numbers released on Thursday showed 17,000 fewer first-time claims for jobless benefits than the previous week, contrary to economic forecasts. This data caused an immediate rise in Wall Street indexes. The optimistic figures come after last week’s disheartening jobs report for non-farm employment in July. Experts like Marc Chandler of Bannockburn Global Forex and Tom Hayes of Great Hill Capital LLC are suggesting that the economy remains resilient and a recession isn’t imminent, with a potential interest rate cut by the Federal Reserve anticipated in September.