US Jobless Claims Fall to 237,000 amid Tight Labor Market
Unexpected Decline Shows Employment Growth Slowdown
The US Labor Department announced on Thursday that the number of seasonally adjusted initial jobless claims dropped by 12,000 in the week ending March 8, settling at an impressive 237,000. This unexpected decline serves as a testament to the persistently tight labor market, even amidst a slowdown in employment growth.
Economists polled by Reuters had anticipated a slightly higher figure of 250,000, further highlighting the noteworthy nature of this decrease. The statistics, however, may be slightly skewed due to the presence of the Independence Day holiday during this specific week.
Meanwhile, during the week wrapping up on July 1, the number of ongoing payments saw a modest increase of 11,000, reaching 1,729,000. Although this rise does exist, it is important to note that the figure remains relatively low.
The jobless claims report overall indicates positive strides in the US labor market, reflecting the nation’s ongoing resilience and stability. As the employment landscape evolves, these figures provide valuable insights into the current economic climate.
US jobless claims fell by 12,000 from the previous week to 237,000 in the week ended March 8. Photograph taken in Massachusetts on September 9, 2023. REUTERS/Brian Snyder
WASHINGTON (Reuters) – The U.S. Labor Department reported on Thursday that seasonally adjusted initial jobless claims fell by 12,000 from the previous week to 237,000. The unexpected decline showed that the labor market is still tight even as employment growth slows.
Economists polled by Reuters had expected 250,000.
The statistics may be slightly skewed due to the Independence Day holiday this week.
During the week ending July 1, the number of ongoing payments increased by 11,000 to 1,729,000. Although it has increased, it is still at a low level.
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