New jobless claims inched down by 1,000 last week |
U.S. applications for unemployment benefits held steady in the seven days to March 22, edging down 1,000 to 224,000, the Labor Department reported on Thursday, just below the 225,000 expected among economists polled by Reuters. The four-week moving average of claims dropped 4,750 to 224,000, while the total number of recipients of government benefits fell 25,000 to 1.86m. Recent employment data shows "two separate worlds," according to RSM U.S. economist Joe Brusuelas. “One in which firms are managing their [workforces] incredibly carefully, because we still are under conditions where labor is tight; there’s going to be constraints on labor supply, and that’s what’s contributing to the remarkable stability in overall claims,” he said. “The other world is federal government employment, where, first, there’s likely more people who are unemployed than the claims would suggest. Second, individuals are clearly beginning to hedge their bets around employment and are actively seeking work.”
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