US initial jobless claims dropped slightly to 224,000, while continued claims remained high at 1.95 million, revealing hidden concerns about employment.

The data of unemployment benefits applications in the United States last week showed complex signals, reflecting the continuous adjustment of the labor market under policy pressure. As of the week ending August 9, the number of initial unemployment claims decreased by 3,000 to 224,000, lower than the market's expectation of 228,000, continuing the recent trend of low-level fluctuations. Although the economic uncertainty brought by the Trump administration's tariff policy has cooled business hiring intentions - with an average monthly addition of only 35,000 jobs in the past three months - the initial claims data still show that employers have not yet initiated large-scale layoffs. Continuing claims for unemployment benefits decreased by 15,000 to 1.95 million as of the week ending August 2, but this indicator still remains near its high since 2021, implying that some unemployed individuals are facing a longer job search period. Economists point out that this trend is consistent with the forecast of the unemployment rate rising from 4.2% to 4.3% in August, reflecting a mild cooling trend in the job market. It is worth noting that recent data has led to changes at the policy level. After the significant downward revision of employment data in May and June, the Trump administration announced the dismissal of the director of the U.S. Bureau of Labor Statistics and nominated the controversial EJ Anthony to take over the position. Although his appointment still requires confirmation from the Senate, economists from both parties have expressed concerns about the new appointee's professional background. In the financial markets, investors generally expect the Federal Reserve to start a rate-cutting cycle at the September meeting. Although the potential risks of service sector inflation and tariff-induced price increases may affect the pace of policy, the signs of a gradual slowdown in the labor market still reinforce the expectations of easing. The data shows that the four-week moving average of initial claims, which measures volatility, remains stable at 221,800, and the actual unadjusted application volume has shown an increase in regions such as Massachusetts, indicating a divergence in regional job markets.