US initial jobless claims fell by 2,000 in the week ended March 16 to a total of 210,000, the US Department of Labor reported today. The previous week’s level was revised upward by 3,000.
Economists polled by Reuters had forecast 215,000 claims in the latest week.
“The labor market is gradually rebalancing, but the adjustment appears to be coming from less hiring rather than a surge in firings,” Reuters quoted Rubeela Farooqi, chief US economist at High Frequency Economics, as saying. “We expect job growth to slow somewhat but the unemployment rate to remain low this year.”
Meanwhile, the four-week moving average rose by 2,500 in the latest week to a level of 211,250. The previous week’s average was revised upward by 750.