Economic news

Less Americans apply for unemployment pay as jobs market picks up momentum, weekly data shows

U.S. data shows that the number of jobless claims surprisingly dropped in the past week, suggesting ongoing labor market tightening.

The jobs market that exhibits strength, along with steadying inflation have solidified views that the Fed will hike interest rates in the coming week.

The central bank of the United States will raise rates twice more following its gathering scheduled for June 12-13 so as to protect the economy, most analysts say. Last time the Fed lifted rates back in March, it also spoke of two more hikes in the costs of borrowing during the rest of the year.

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