US jobless claims drop but inflation fears grow as oil prices surge

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleNew claims for jobless aid for the week ending May 16 decreased by 3,000 to 209,000, signaling continued low layoff rates. This figure was lower than analysts anticipated, suggesting a tighter labor market despite a peculiar 'low-hire, low-fire' state. The ongoing war in Iran has introduced significant economic instability, causing a more than 50% spike in oil prices and higher gas costs. Inflation is a growing concern, with consumer-level prices rising 3.8% and wholesale prices climbing 6% year-over-year. The Federal Reserve left its benchmark interest rate unchanged amid economic uncertainty and persistent inflation, with some policymakers considering another rate hike. In fullJobs stall and prices surge amid Trump’s Iran-fueled economic turmoilThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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