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Initial claims for state unemployment benefits decreased 3,000
to a seasonally adjusted 218,000 for the week ended June 16, the
Labor Department said on Thursday. Claims data for the prior
week was revised to show 3,000 more applications received than
previously reported.
Economists polled by Reuters had forecast claims rising to
220,000 in the latest week. Claims have now declined for four
straight weeks.
The labor market is viewed as being near or at full employment,
with the jobless rate at an 18-year low of 3.8 percent. The
unemployment rate has dropped by three-tenths of a percentage
point this year and is near the Federal Reserve's forecast of
3.6 percent by the end of this year.
The Labor Department said claims for Maine were estimated last
week. The four-week moving average of initial claims, viewed as
a better measure of labor market trends as it irons out
week-to-week volatility, dropped 4,000 to 221,000 last week.
The claims data covered the survey period for the nonfarm
payrolls component of June's employment report. The four-week
average of claims rose 7,500 between the May and June survey
weeks, suggesting some moderation in job growth this month.
Nonfarm payrolls increased by 223,000 jobs in May.
Employers are increasingly reporting labor shortages across all
sectors of the economy, with a record 6.7 million job openings
in April. The number of unemployed people per vacancy slipped to
0.9 from 1.0 in March, meaning that most people looking for a
job are likely to find one.
Economists expect the worker shortage will soon spur faster wage
growth and boost inflation. The Fed last week raised interest
rates for a second time this year and forecast two more rate
hikes by the end of 2018. The U.S. central bank described the
labor market as "strong."
The claims report also showed the number of people receiving
benefits after an initial week of aid increased 22,000 to 1.72
million in the week ended June 9. The four-week moving average
of the so-called continuing claims slipped 4,750 to 1.72
million, the lowest level since December 1973.
((Reporting by Lucia Mutikani; Editing by Paul Simao);
Lucia.Mutikani@thomsonreuters.com; 1 202 898 8315; Reuters
Messaging: lucia.mutikani.thomsonreuters.com
@reuters.net)
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