(June 18): Applications for US unemployment benefits fell last week in a sign that the labour market remains in a “low-fire” mode.
Initial claims decreased by 4,000 to 226,000 in the week ended June 13, according to Labor Department Data released Thursday. The median forecast in a Bloomberg survey of economists called for 225,000 applications. However, continuing claims, a proxy for the number of people receiving benefits, rose to 1.81 million in the previous week.
The figures suggest the labour market continues to be resilient despite the energy-price shock brought about by the Iran war. That view was reinforced by a stronger-than-expected jobs report in May, which showed employers added 172,000 jobs. The data eased concerns that hiring was slowing sharply and led investors to add to bets on Federal Reserve interest-rate hikes.
The four-week moving average of initial claims, which helps smooth through week-to-week volatility, rose to 223,250, the highest since December.
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