HomeContributorsFundamental AnalysisUS Jobless Claims Rise To Seven-Week High

US Jobless Claims Rise To Seven-Week High

‘The advance seasonally adjusted insured unemployment rate was 1.4 percent for the week ending March 11, a decrease of 0.1 percentage point from the previous week’s unrevised rate.’ – US Department of Labour

The number of Americans filing for unemployment benefits rose more than expected last week, hitting the highest level over the past seven weeks, official figures revealed on Thursday. The US Department of Labour reported initial jobless claims rose by 15,000 to a total of 258,000 in the week ended March 17, up from the preceding week’s upwardly revised reading of 243,000. In the meantime, market analysts expected unemployment claims to hit 240,000 during the reported week. Nevertheless, even despite the uptick in last week’s claims, US labour market remained solid, with employers being slow to dismiss workers, as it becomes rather difficult to fill vacancies with experienced employees. The February figure marked the 80th consecutive week of claims below 300,000, which is widely considered as a healthy jobs market.

Apart from that, Thursday’s report also featured yearly alterations for previously reported initial and continuing claims, with the latter benchmark dropping 39,000 to settle at 2M over the week ended March 10, while the unemployment rate among those eligible for jobless benefits managed to decline to 1.4% from the 1.5% reading registered previously.

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