The number of initial jobless claims in the United States has surged, and the Fed has fully priced in a rate cut next week.

PANews reported on September 11th that according to Jinshi, initial jobless claims in the United States rose sharply last week, consistent with a significant weakening of labor market conditions. The U.S. Bureau of Labor Statistics reported on Thursday that initial jobless claims rose by 27,000 to 263,000 in the week ending September 6th, exceeding the previous reading of 236,000 and the expected reading of 235,000. The U.S. government said this week that non-farm payrolls may have been overstated by 911,000 in the 12 months ending in March. Last week's non-farm payroll report showed that job growth almost stagnated in August, with a decrease in June, the first such decline in four and a half years. A New York Federal Reserve survey also showed that consumer confidence in finding a job in August fell to its lowest level since June 2013. The Federal Reserve is expected to cut interest rates next week, and the market has fully priced in a 25 basis point cut.