US Initial Jobless Claims Test 2-Year Low

Initial jobless claims in the US fell by 9,000 from the previous week to 202,000 in the fourth week of March, well below the median market estimate of 212,000. It nearly tied the two-year low of 201,000 in the first week of January, which is subject to volatile readings due to the holidays, to consolidate the low firing trend in the labor market that has prevented the Federal Reserve from extending its cutting cycle this year. Meanwhile, continuing jobless claims, which serve as proxy for outstanding unemployment in the US, edged higher by 25,000 to 1,841,000 in the third week of March, but remained below the average from the second half of last year. Initial claims filed by federal employees, which have been under scrutiny as markets measure the impact of government shutdowns, rose by 38 to 622.

Initial jobless claims in the US rose by 5,000 from the previous month to 210,000 on the third week of March, aligned with the median market expectations but remaining below the average from the previous year. Meanwhile, continuing jobless claims, which serve as proxy for outstanding unemployment in the US, fell by 32,000 to 1,819,000 in the earlier week, well below expectations of 1,850,000 to tie for the lowest since May of 2024. The results continued to contrast with the weak signals in the February jobs report by the BLS, with a low hiring pace matching a slower hiring pace that has been impacted by lower immigration, according to the Federal Reserve. Initial claims filed by federal employees, which have been under scrutiny as markets measure he impact of government shutdowns, fell by 59 to 584.

Initial jobless claims in the US fell by 8,000 from the previous week to 205,000 in the second week of March, firmly below expectations of a 2,000 increase. Likewise, continuing jobless claims, which serve as proxy for outstanding unemployment in the US, rose only slightly to 1,857,000 in the previous week to remain their pullback since November of last year. The results contrasted with the weak signals in the latest jobs report by the BLS, consolidating the view of a low firing labor market. Initial claims filed by federal employees, which have been under scrutiny as markets measure he impact of government shutdowns, rose by 26 to 643.