Initial claims for US unemployment benefits declined more than expected last week, signaling labor momentum in the world’s largest economy.
The claims decreased by 7,000 to 213,000, during the week ended Feb. 8, the Labor Department data showed.
This came against forecasts for a decline to 215,000 as the previous week's data was revised upward to 220,000.
The four-week average, a steadier labor market indicator, fell by 1,000 to 216,000.
The data supports the Fed’s cautious approach to easing, as US inflation rose 3% year-on-year (YoY) in January, above the 2.9% estimate.
|
US Weekly Jobless Claims |
||||
|
Item |
Last Year |
Last Week |
Current Week |
Change |
|
Initial Claims ('000) |
211.0 |
220.0 |
213.0 |
(7) |
|
4-Week Average ('000) |
217.5 |
217.0 |
216.0 |
(1) |
|
No. of Beneficiaries (mln) |
1.803 |
1.886 |
1.850 |
(0.036) |
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