U.S. initial jobless claims edged down to 215,000 last week, with layoff rates remaining at historically low levels.

```

The U.S. labor market continues to demonstrate strong resilience, but internal structural changes are taking place. Companies remain reluctant to lay off employees, yet are clearly slowing down their hiring pace. "Slow hiring without layoffs" has become the most prominent feature of this economic cycle.

The latest data shows that for the week ending July 4 (including the Independence Day holiday), U.S. initial jobless claims decreased by 2,000 to 215,000, lower than market expectations of 217,000, remaining at historically low levels.

However, the number of continuing jobless claims, which reflects the reemployment situation among the unemployed, also rose to 1.81 million, the highest since March.

From a state perspective, California and Missouri saw the biggest increases in initial claims, while New Jersey and Connecticut led the declines.

"Slow hiring without layoffs" becomes a feature of the U.S. labor market

The continued low level of initial jobless claims, together with recent nonfarm payroll data, jointly outline a pattern of "layoff contraction and hiring slowdown" in the U.S. labor market.

After experiencing years of difficulty recruiting workers, companies generally prefer to retain existing employees, which has restrained the scale of layoffs. Meanwhile, hiring demand has clearly cooled. The June nonfarm payroll report shows slowing employment growth and a decline in labor force participation, with some workers exiting the market, which has also somewhat suppressed the number of unemployment claims.

Overall, the U.S. employment market has entered a "slow hiring without layoffs" phase: the risk of layoffs remains low, but employment growth momentum is weakening. For the market, consistently lower-than-expected initial claims data continues to support expectations for a "soft landing" for the economy—companies are not laying off on a large scale, residents' income and consumption foundations are solid, and the risk of a short-term recession is limited.

However, the cooling of hiring along with the increase in continuing jobless claims also indicates that the labor market is gradually weakening. In the coming months, indicators such as new nonfarm employment, continuing jobless claims, and labor force participation rate will become key variables for judging the direction of the employment market and the Federal Reserve’s policy path.

Risk Disclosure and DisclaimerThe market carries risks, and investment should be approached cautiously. This article does not constitute personal investment advice, nor does it take into account the specific investment goals, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article fit their specific circumstances. Investing based on this article is at your own risk. ```