This dip marks the second consecutive week of declining claims, reversing the upward trend seen earlier in the summer.
Short-term inflation expectations remain steady, with the one-year outlook holding at 3.0% and the five-year forecast unchanged at 2.8%.
Moynihan said a reduction could be necessary as early as September if inflation continues to ease.
If inflation continues to decline, Schmid said, he would grow more confident that the Fed is on track to achieve its price stability mandate.
The U.S. economy got some relief from a favorable unemployment report on Thursday, and the stock markets responded in kind with strong gains from the opening bell.
The economists maintained their prediction of a 45% chance of a recession occurring by the second half of 2025.
The Cboe Volatility Index (VIX), often referred to as Wall Street's fear gauge, climbed to 27.96, indicating increased expectations of market volatility.
The earlier sell-off was influenced by data indicating fewer U.S. jobs were created and a weak manufacturing sector.
The transactions were part of a pre-determined trading plan that Huang filed in March, which proved to be well-timed.
The S&P 500 and Nasdaq Composite ended the day at their lowest points since early May, while the Dow Jones Industrial Average closed at its weakest level since mid-June.
The Dow Jones Industrial Average fell nearly 1,000 points as investors reacted to fears that the Federal Reserve might be slow to implement significant interest rate cuts.
After European markets tanked and all three major U.S. indices saw significant drops during pre-market trading, the selloff ramped up after markets opened on Wall Street.
Trading boards showed a sea of red following another hefty day of losses on Wall Street, where heavyweight tech firms including Amazon and Microsoft took the brunt over worries an AI-fueled rally this year may have been overdone.
Growth in Southeast Asia's largest economy was 5.05 percent in the second quarter, slightly lower than the previous quarter's 5.11 percent, Statistics Indonesia said.
Wall Street reacted to a negative jobs report and tumbling tech shares on Friday, ending the week with a major selloff questions about a continuing and worsening correction.
The United States sees no need to negotiate an international agreement on taxing the super-wealthy, Treasury Secretary Janet Yellen said Thursday on the sideline of a G20 finance ministers' meeting.
The sales rate of new family homes in the United States dipped in June, missing analyst estimates amid still elevated interest rates, according to government data released Wednesday.
The European Central Bank is keeping options "wide open" for September, president Christine Lagarde said, after holding interest rates steady Thursday in the wait for more evidence that inflation was on the right track.
The European Central Bank held borrowing costs steady Thursday, giving policymakers more time to assess progress on inflation after last month's first interest rate cut in five years.
China posted lower than expected growth in the second quarter on Monday, with all eyes on how top officials gathering for a key meeting in Beijing might seek to tackle the country's deepening economic malaise.
The increase in PPI in June was attributed to a sudden rise in final demand services, particularly in trade service margins, which soared 1.9% from May.
The latest economic data could result in long-awaited interest rate cuts after the Consumer Price Index (CPI) -- a key factor in the Federal Reserve's bid to lower inflation -- came in below projections on Thursday.
The Paris-based body that advises industrial nations on energy policy said oil demand increased by just 710,000 barrels per day in the second quarter, the slowest rate in over a year.
The US Federal Reserve is making "modest" progress in its inflation fight, the head of the US central bank told lawmakers Tuesday, on the first of two days of testimony in Congress.
The eurozone's annual rate of inflation cooled in June in line with analysts' expectations thanks to a slowdown in food and energy price rises, official data showed on Tuesday.
The U.S. economy got some good news on the inflation front Friday as fresh data saw the personal consumption expenditures (PCE) price index hit its lowest annual rate in May in over three years.
Gross domestic product expanded by 0.7 percent in the first three months of this year, the Office for National Statistics (ONS) said in a statement, upgrading the prior estimate of 0.6-percent expansion and beating market expectations for no change.
Freddie Mac's chief economist, Sam Khater, highlighted that the 30-year fixed-rate mortgage hit its lowest level in nearly three months and expects rates to continue to fall over the summer, potentially bringing more buyers back into the market.
The upward revision is attributed to a decrease in imports and increased nonresidential fixed investment and government spending.
Experts from Wall Street and economic analysts predict Trump's measures could lead to a resurgence of inflation, which has only recently shown signs of cooling.
