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US weekly jobless claims fall modestly; housing starts hit 13-month low

Weekly jobless claims fall 3,000 to 229,000; continuing claims rise 3,000 to 1.31 mn

Photo: Bloomberg

Photo: Bloomberg

Reuters Washington
The number of Americans filing new claims for unemployment benefits fell less than expected last week, suggesting some cooling in the labor market, though conditions remain tight.
The economy's outlook is darkening, with other data on Thursday showing homebuilding slumping to a 13-month low in May, weighed down by soaring mortgage rates and building material prices. Manufacturing also appears to be losing speed. The economy's waning momentum comes as the Federal Reserve is aggressively raising interest rates to fight inflation.
The latest batch of economic data followed on the heels of news this week of a surprise decline in retail

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First Published: Jun 16 2022 | 8:30 PM IST

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