US jobless claims fall from two-month high

The number of applications for unemployment benefits in the US declined last week, amid a state of anticipation in the labor market in light of President Trump's trade policies.

Data released by the US Department of Labor on Thursday revealed a decline of 5,000 in initial jobless claims to 229,000 for the week ending August 23.

While expectations were for a decrease to 230,000, the number was revised downward by 1,000 to 234,000 from the previous week's reading, which was revised down by 1,000 to 234,000.

The four-week moving average of jobless claims (a more accurate measure of labor market performance) rose by 2,500 to 228,500, compared to the previous week's revised average of 250 to 226,000.

This data comes after Federal Reserve Chairman Jerome Powell indicated the possibility of a rate cut at the Jackson Hole Symposium, citing increased risks in the labor market.

However, the report indicates that the increase in weekly unemployment claims recorded the previous week was not the beginning of an increasing trend of layoffs.