Overview

• Initial claims for state unemployment benefits fell by 5,000 to 229,000 for the week ended Aug. 23, according to the Labor Department.
• Continuing claims declined by 7,000 to 1.954 million in the week ended Aug. 16, the reference week for the August unemployment rate.
• Monthly job growth has slowed sharply, averaging 35,000 over the past three months versus 123,000 a year earlier.
• Fed Chair Jerome Powell indicated a possible rate cut at the Sept. 16–17 meeting as labor-market risks increase.
• Many economists expect the jobless rate to edge up to 4.3% in August, with surveys showing more Americans say jobs are hard to find.