AI Summary
Initial claims filings for US unemployment benefits declined more than expected in the week ended March 8, signaling continued labor momentum in the world’s largest economy.
Applications decreased by 2,000 to 220,000 in total for the week, the Labor Department data showed.
This came against forecasts for a rise to 222,000 as the previous week's data was revised upwards by 1,000 applications.
The four-week average, a steadier labor market indicator, rose by 1,500 to 226,000.
The number of applications filed by Federal workforce in civilian sectors fell by 54 to 1,580 during the week ended March 1, while initial applications by discharged military personnel increased by 52 to 364.
This indicated a slowdown in government layoffs, led by billionaire Elon Musk's Department of Government Efficiency (DOGE), during the reporting period.
|
US Weekly Jobless Claims |
||||
|
Item |
Last Year |
Last Week |
Current Week |
Change |
|
Initial Claims ('000) |
212 |
222 |
220 |
)2( |
|
4-Week Average ('000) |
208.75 |
224.5 |
226 |
+1.5 |
|
No. of Beneficiaries (mln) |
1.803 |
1.897 |
1.87 |
)0.027( |
Be the first to comment
Comments Analysis: