NEW YORK – The United States job market continues to show signs of strength, as the number of Americans filing for unemployment benefits fell to a three-week low, according to Labor Department data released Thursday.
Highlights of Jobless Claims (Week Ended June 10)
Initial jobless claims fell by 8,000 to 237,000, past the forecast of 241,000, which is close to 43-year-low of 227,000. Continuing claims rose by 6,000 to 1.94 million in the week ended on June 3. The four-week average of initial claims, a less-volatile measure than the weekly figure, rose to 243,000 from 242,000 in the prior week.
Key Takeaways
Labor demand in the U.S. economy remains high, and with unemployment at a 16-year low, employers are choosing to retain the staff they have on hand. The data continue to signal a tightening labor market in which managers complain of an ever-shrinking pool of candidates that don’t match the skills or experience some are looking for. Federal Reserve Chair Janet Yellen said Wednesday that employment was near its maximum sustainable level as the central bank raised interest rates for the third time in six months.
Patricia Laya is a reporter for Bloomberg News.
