The number of first-time claims for weekly jobless benefits fell last week to 242,000, down 22,000 from 264,000 the week before, according to data published by the Department of Labor
Continuing claims, which are filed by people who have received jobless benefits for more than one week, dipped to 1.799 million for the week ended May 6 from a revised 1.807 million the week prior. Economists were forecasting the latest initial and continuing claims to land at a seasonally adjusted 254,000 and 1.818 million, respectively, according to consensus estimates on Refinitiv.
“Apart from Massachusetts, initial claims have stabilized in recent weeks after drifting higher in [the first quarter], a reminder that labor market conditions are still relatively tight,” Nancy Vanden Houten, Oxford Economics lead US economist, wrote Thursday. “While we expect the [Federal Reserve] to leave rates steady at its June meeting, a resumption of rate hikes can’t be ruled out if labor market conditions don’t ease more significantly.
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