The number of initial jobless claims in the United States has dropped to a 4-month low, and the Federal Reserve may consider cutting interest rates faster than expected

Odaily Planet Daily reported that the number of initial jobless claims in the United States has dropped to 218000, a 4-month low. In recent months, despite the rise in the US unemployment rate and the slowdown in job creation, the number of initial jobless claims has remained low. Economists say this is because workers who are eligible for such benefits are not unemployed. Although the weekly layoff requests are still low, several large companies have announced or implemented layoff plans this month. Paramount Global conducted its second round of layoffs on Tuesday. General Motors announced last week that it will temporarily lay off two-thirds of workers at an assembly plant in Kansas until mid-2025. If layoffs increase in the coming months and more Americans find themselves unemployed, Federal Reserve officials may consider cutting interest rates faster than currently expected. (Golden Ten)