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U.S. applications for jobless benefits fell again last week as the labor market continues to hold up despite fears of a tariff-induced recession. Jobless claim applications fell by 9,000 to 215,000 for the week ending April 12, the Labor Department said Thursday. Weekly applications for jobless benefits are considered a proxy for layoffs, and have mostly stayed between 200,000 and 250,000 for the past few years.

The number of Americans filing new applications for unemployment benefits fell to a two-month low last week, suggesting labor market conditions remained stable in April, though uncertainty around tariffs is making businesses hesitant to boost hiring. President Donald Trump's import duties are putting pressure on the housing market, with other data on Thursday showing single-family housing starts plunging to an eight-month low in March, which underscored economists' expectations that economic growth likely ground to a halt in the first quarter.

News of the day for April 17, 2025

ISTANBUL (Reuters) -Turkey's central bank hiked its key interest rate by 350 basis points to 46% on Thursday, in a surprise move that reversed an easing cycle and boosted Turkish assets following market turmoil triggered by the arrest of Istanbul's mayor last month. The policy pivot - just four months after rate cuts had begun - aimed to ease weeks of pressure on the lira that forced the central bank to tap its foreign currency reserves, and to push back on rising inflation expectations, analysts said. Last month, the lira briefly hit a record low of 42 to the U.S. dollar and stocks and bonds plunged after the detention of Istanbul Mayor Ekrem Imamoglu, pushing the central bank to take several steps to ease the market fallout.

The economy now faces "heightened downside risks," says Powell.

Workforce solutions provider ManpowerGroup (NYSE:MAN) reported Q1 CY2025 results beating Wall Street’s revenue expectations, but sales fell by 7.1% year on year to $4.09 billion. Its GAAP profit of $0.12 per share was 76.4% below analysts’ consensus estimates.

As recession fears mount on Wall Street, management is still reportedly setting ambitious long-term goals.

Shares of UnitedHealth Group tumbled 22% Thursday morning after the healthcare giant's first-quarter results fell short of analysts' estimates and it cut its profit forecasts for 2025.

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. rose in premarket trading Thursday after the world's largest contract chip manufacturer reported first-quarter results that topped analysts' estimates and stuck with its 2025 revenue outlook despite the growing trade war.

Health insurance company UnitedHealth (NYSE:UNH) fell short of the market’s revenue expectations in Q1 CY2025, but sales rose 9.8% year on year to $109.6 billion. Its non-GAAP profit of $7.20 per share was 1.3% below analysts’ consensus estimates.