The numbers: Initial jobless claims, a tracker of sorts for layoffs in the U.S., rose slightly at the end of June but clung near the lowest level in decades.
New claims rose by 3,000 to 231,000 in the seven days ended June 30. Economists polled by MarketWatch had forecast a 225,000 reading.
The more stable monthly average of claims, meanwhile, increased by 2,250 to 224,500, the government said Thursday.
The number of people already collecting unemployment benefits climbed by 32,000 to 1.74 million. These are known as “continuing” claims.
What happened: Claims have been extremely low since the end of last year. They been under 250,000 since last September and show no sign of rising.
Also read: How Trump’s European auto tariff proposal could backfire
Big picture: The jobs market and U.S. economy are stronger now than they’ve been in years, but that’s of little concern to investors and business leaders right now. They’re worried the Trump administration will submerge the U.S. into a major trade war that saps all the momentum in the economy. Second-quarter U.S. growth that could reach as high as 5% might soften in the months ahead if tit-for-tat global tariffs intensify.
Market reaction: The Dow Jones Industrial Average DJIA, -0.54% and the S&P 500 SPX, -0.49% were set to open higher in Thursday trade. The stock market has gyrated up and down in the past few months, unsettled by worries about a widening trade war.
The 10-year Treasury yield TMUBMUSD10Y, +0.56% rose a few basis points to 2.86%. After reaching 3% last month, the yield has also fallen in response to growing trade tensions.
