Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool the economy and tamp down inflation.
Applications for jobless claims in the U.S. for the week ending March 11 fell by 20,000 to 192,000 from 212,000 the previous week, the Labor Department said Thursday.
The four-week moving average of claims, which flattens out some of week-to-week volatility, fell by 750 to 196,500, remaining below the 200,000 threshold for the eighth straight week.
Applications for unemployment benefits are seen as a barometer for layoffs in the U.S.
In a note to clients, analysts at Oxford economics said there are still few signs that the recent jump in layoff announcements, particularly in the tech sector, is translating to a rise in unemployment.