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Initial claims for state unemployment benefits dropped 5,000 to
a seasonally adjusted 211,000 for the week ended March 23, the
Labor Department said on Thursday. Data for the prior week was
revised to show 5,000 fewer applications received than
previously reported.
Economists polled by Reuters had forecast claims rising to
225,000 in the latest week. The Labor Department said no states
were estimated. The government revised the claims data and the
so-called seasonal factors from 2014 through 2018. It also
updated the seasonal factor for 2019.
The four-week moving average of initial claims, considered a
better measure of labor market trends as it irons out
week-to-week volatility, fell 3,250 to 217,250 last week.
Job growth has slowed after last year's robust gain. The pace,
however, remains more than enough to keep up with growth in the
working age population. The unemployment rate is currently at
3.8 percent. The moderation in job growth also reflecting a
shortage of workers and softening economic growth as the
stimulus from a $1.5 trillion tax cut package fades.
Thursday's claims report showed the number of people receiving
benefits after an initial week of aid rose 13,000 to 1.76
million for the week ended March 16. The four-week moving
average of the so-called continuing claims fell 4,250 to 1.75
million.
The continuing claims data covered the survey week for March's
unemployment rate. The four-week average of continuing claims
rose slightly between the February and March survey periods,
suggesting little change in the unemployment rate.
(Reporting By Lucia Mutikani; Editing by Andrea Ricci)
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