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U.S. Jobless Claims Unexpectedly Edge Down To 194,000
(RTTNews) - First-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended February 11th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims slipped to 194,000, a decrease of 1,000 from the previous week's revised level of 195,000.
Economists had expected jobless claims to inch up to 200,000 from the 196,000 originally reported for the previous week.
Michael Pearce, Lead U.S. Economist at Oxford Economics, said the current level of jobless claims suggests labor market conditions remain "exceptionally tight."
"That is consistent with most other indicators which suggest that the labor market is still carrying plenty of momentum, leaving the Fed on track to raise rates at its March meeting, and probably at the May meeting too," Pearce added.
Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 189,500, an increase of 500 from the previous week's revised average of 189,000.
The report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 16,000 to 1.696 million in the week ended February 4th.
The four-week moving average of continuing claims also rose to 1,673,000, an increase of 10,250 from the previous week's revised average of 1,662,750.
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