Jobless Claims Hold Largely Steady, Bolstering Fed’s View of Continued Labor Market Strength

In FOMC meeting minutes, the Fed highlighted solid job gains, low unemployment, high consumer confidence

A store advertises that they are hiring in lower Manhattan on June 1, 2018. Spencer Platt/Getty Images

The number of Americans filing for unemployment benefits saw a slight uptick last week and the four-week moving average of the initial jobless claims figure dropped, bolstering the Federal Reserve’s claim that the U.S. labor market “remains strong.”

In the official record of the latest meeting of the Federal Open Market Committee (FOMC), the central bank’s interest rate-setting body, the Fed stressed continuing jobs market strength and reinforced its view by citing solid job gains, low unemployment, and high consumer confidence.