U.S. job market slows, but layoffs remain low

On September 12, the number of initial jobless claims in the United States increased by 2,000 to 230,000 in the week ended September 7. The slight increase in the number of people applying for unemployment benefits indicates that layoffs remain at a low level despite the slowdown in the labor market. It is important to note that last week's data included the Labor Day holiday. Data tends to be volatile during public holidays. However, the figure has barely changed since falling from an 11-month high of 250,000 in late July. The slowdown in the labor market has been driven by companies scaling back hiring as rising interest rates have suppressed demand across the economy. Against the backdrop of a slowing job market, the Federal Reserve is expected to launch its policy easing cycle next Wednesday, and will certainly cut interest rates by 25 basis points after the sharp slowdown in year-on-year CPI growth in August, but inflation remains somewhat sticky. (Jinshi)