US initial jobless claims drop to 211,000

11th Apr 2024 12:28

(Sharecast News) - Initial jobless claims decreased in the week ended 6 April, according to the Labor Department, dropping to 211,000 from 222,000 in the previous week, for the lowest reading in a month, and below market expectations for a print of 215,000.

Last week's decline follows an upwardly revised two-month high in the previous week and continues to outline a tight labour market, giving the Federal Reserve more room to hold interest rates higher for longer in order to combat inflation.

Continuing claims fell by 72,582 to 1.96m, while the four-week moving average, which aims to strip out week-to-week volatility, was 214,250, a decrease of 250 from the previous week's figure

Reporting by Iain Gilbert at Sharecast.com