US jobless claims are below expectations
Claims for US jobless benefits hit 190,000 in the week ending Jan. 14, below expectations. Thus, the data registered the lowest level in 4 months.
According to seasonally adjusted data released by the US Department of Labor, unemployment benefits were at the 205,000 level for the week of January 7.
Economists had forecast jobless claims to hit 214,000.
THE LABOR MARKET CONTINUES TO BE NARROW
The four-week average of US jobless claims, which is believed to be a better indicator of US labor market trends, declined to 206,000. The total number of people benefiting Unemployment benefits in the US also increased to 1,647,000 in the US for the week of January 7.
Analysts said the drop in jobless claims shows the labor market remains tight despite the US Federal Reserve’s aggressive tightening monetary policy (REUTERS, AA).
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
