US jobless claims hold steady in week ended 26 April

2nd May 2024 13:10

(Sharecast News) - The number of Americans lining up for unemployment benefits was unchanged at 208,000 in the week ended 27 April, according to the Labor Department, remaining at the lowest level in two months and firmly below market expectations for a reading of 212,000.

Last week's reading marked the fourth consecutive stronger-than-expected result, pointing to continued tightness in the US labour market and giving the Federal Reserve some leeway to delay interest rate cuts should inflation remain above its 2% target.

Continuing claims also held steady at 1.77m, the lowest reading since January, while the four-week-moving average for initial claims, which aims to strip out week-to-week volatility, fell by 3,500 to 210,000.

Notable declines were seen in California and Massachusetts - down 4,563 and 3,361, respectively.

Reporting by Iain Gilbert at Sharecast.com