US Jobless Claims Decrease, Indicating Gradual Labor Market Cooling

Unemployment benefit applications fall by 10,000 as the economy shows signs of slowing under Federal Reserve's rate hikes.

Jobless claims dropped to 222,000 for the week ending May 11, a decrease of 10,000 from the previous week.
Despite the decline, the four-week average of claims rose to 217,750, suggesting a gradual cooling of the labor market.
The unemployment rate edged up to 3.9% in April, with the lowest job additions in six months at 175,000.
Manufacturing output and single-family homebuilding have both declined, reflecting broader economic slowing.
Economists anticipate potential interest rate cuts by the Federal Reserve if the trend of easing inflation continues.