US initial jobless claims fell by 2,000 in the week ended Mar. 23 to a total of 210,000, the US Department of Labor reported today. The previous week’s level was revised upward by 2,000.
The Associated Press noted that the dip suggests the labor market remains strong and most workers enjoy extraordinary job security.
“We may see initial claims drift a bit higher as the economy slows this year, but we don’t expect a major spike because, while we expect the pace of job growth to slow, we do not anticipate large-scale layoffs,” Associated Press quoted Nancy Vanden Houten, lead Economist at Oxford Economics, as saying.
Economists polled by Reuters had forecast 212,000 claims in the latest week.
Meanwhile, the four-week moving average fell by 750 in the latest week to a level of 211,000. The previous week’s average was revised upward by 500.