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US initial jobless claims fall to 198,000, far below expectations

JOON HYOUNG LEE
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Summary

  • US initial jobless claims last week totaled 198,000, coming in well below the forecast of 215,000.
  • Continuing claims were 1.884 million, below both the prior week’s 1.903 million and the market forecast of 1.89 million.
  • Initial jobless claims are a gauge of overheating in the US labor market, and analysts are watching employment indicators closely.
Photo=Shutterstock
Photo=Shutterstock

US initial jobless claims last week came in well below market expectations.

The US Department of Labor said on the 15th (local time) that initial jobless claims totaled 198,000 last week. That was 17,000 below the consensus forecast of 215,000. It was also 9,000 lower than the prior week’s revised figure of 207,000.

Continuing claims, which track those who have filed for benefits for two consecutive weeks, totaled 1.884 million. That was 19,000 below the prior week’s revised 1.903 million. It was also 6,000 lower than the market forecast of 1.89 million.

Initial jobless claims are a gauge of overheating in the US labor market. A rise in claims can be interpreted as a sign that an overheated labor market is cooling.

Analysts are closely watching employment indicators such as jobless claims to assess how factors including US President Donald Trump’s aggressive tariff policies are affecting corporate decision-making.

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JOON HYOUNG LEE

gilson@bloomingbit.ioCrypto Journalist based in Seoul
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