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US weekly jobless claims stay elevated amid seasonal volatility, but labor market stable
The number of Americans filing claims for unemployment benefits fell last week, but remained at slightly higher levels, suggesting some moderation in the pace of job growth in June. Economists largely shrugged off the report from the Labor Department on Thursday, with some pointing out that the recent elevation in claims was likely due to seasonal distortions related to the end of the school year. They viewed the labor market as remaining stable enough for the Federal Reserve to focus on stamping out inflation, stoked by the Iran war. The U.S. central bank on Wednesday kept its benchmark overnight interest rate in ... (full story)