Rising energy and inflation pressures, but the overall U.S. job market remains stable

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ME News message: On May 15 (UTC+8), the number of Americans applying for unemployment benefits rose slightly last week, indicating that although the Iran war has pushed up energy prices and intensified inflationary pressures, the labor market remains stable. The U.S. Department of Labor said on Thursday that for the week ending May 9, the number of initial unemployment claims increased by 12k to 211k on a seasonally adjusted basis, compared with expectations of 205k. The Iran war has disrupted shipping through the Strait of Hormuz and driven up prices for other commodities such as fertilizers, petrochemical products, and aluminum. In addition, for the week ending May 2, the number of continued unemployment claims (often used as an alternative indicator of hiring conditions) increased by 24k to 1.782 million. (Source: Jin10)

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