Agencies
WASHINGTON
The number of Americans filing new claims for unemployment benefits was unchanged at a low-level last week, pointing to continued labor market strength.
Labor market resilience, which is driving the economy, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September. A few economists doubt that the US central bank will lower borrowing costs this year.
“Overall, layoffs remain low. We expect a continuation of the current trend, with a further adjustment in the labor market coming from a moderation in hiring rather than a surge in firings,” said Rubeela Farooqi, chief US economist at High Frequency Economics.
Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 212,000 for the week ended April 13, the US Labor Department said on Thursday.
Economists polled by Reuters had forecast 215,000 claims in the latest week. Claims have been bouncing around in a 194,000-225,000 range this year.
Unadjusted claims declined 6,756 to 208,509 last week. Filings in California jumped by 3,063. There were also notable increases in claims in Connecticut, Georgia and Oregon.
