The number of initial jobless claims in the United States last week slightly exceeded expectations, suggesting that the labor market still has resilience.

Last week, the initial jobless claims in the United States exceeded market expectations, but still remained at a level in line with a healthy labor market. The US Department of Labor reported on Thursday that the number of initial jobless claims for the week ending January 11 was 217,000, slightly higher than the expected 210,000 and revised from 201,000 to 203,000. Initial jobless claims tend to fluctuate significantly at the beginning of the year, but the layoff rate remains low, providing support for the job market and the overall economy. In December, non-farm payrolls added 256,000 jobs, and the unemployment rate dropped from 4.2% in November to 4.1%. The resilience of the labor market, sticky inflation rate, and uncertainty surrounding President Trump's widespread tariffs and large-scale expulsion of illegal immigrants have led the Federal Reserve to only expect two rate cuts this year, compared to the previous estimate of four cuts in September. Trump will be inaugurated next week and has promised tax cuts, which will stimulate economic growth. The market expects the Fed's policy meeting on January 28-29 to maintain interest rates. The next rate cut is expected in June. However, the Bank of America believes that the easing cycle has come to an end. The report shows that for the week ending January 4, seasonally adjusted continuing jobless claims decreased by 18,000 to 1.859 million.