WASHINGTON (Reuters)-The number of Americans who filed new offspring application fell last week, pointing to the continuous stability of the labor market before the potential volatility of tariffs implemented by US President Donald Trump.
Initial unemployment requests fell by 6,000 to 219,000 in a seasonal adjustment, the week ended on March 29, the Labor Department said on Thursday.
Economists consulted by Reuters foresaw 225,000 requests for last week.
The low number of layoffs has kept the job market stable. But economists fear that Trump’s flood of tariffs since returning to the White House in January could harm the scenario.
The confidence of companies and consumers has plummeted, which can weigh on investment, spending and demand for workers.
Trump said on Wednesday he will impose a 10% basic tariff on all imports for the US and higher rates on some of the largest business partners in the country. Fitch Ratings estimated that the new tariffs will be the highest in more than a century.
Continues after advertising
The profound cuts of spending being implemented by the Trump government, which has performed mass layoffs of civil servants, also pose a risk to the job market.
The number of people who receive benefits after an initial week of help, an indicator of hiring, increased by 56,000 to 1.903 million in data with seasonal adjustment, during the week that ended March 22, according to the report.