Decrease in applications for unemployment benefits in the US

The number of people filing for unemployment benefits for the first time in the US fell to 201,000 in the week ending September 16, the lowest level since late January.

The US Department of Labor announced data on weekly claims for unemployment benefits.

Consequently, the number of people who applied for unemployment benefits for the first time in the country decreased by 20 thousand people in the week ending September 16 compared to the previous week, decreasing to 201 thousand.

Jobless claims, which fell to their lowest level since late January and were below market expectations, were expected to rise to 225,000 in this period.
The previous week’s data on jobless claims was revised from 220,000 to 221,000.

As of last week, the 4-week average of claims for unemployment benefits decreased by 7,750 people compared to the previous week, falling to 217,000.

Current applications for unemployment benefits decreased by 21,000 people to 1,662,000 in the week ending September 9.

Analysts say data on jobless claims shows the labor market remains at historically tight levels and remains resilient to aggressive tightening of monetary policy by the US Federal Reserve (Fed), leaving room for a possible rate hike at the Bank’s November meeting, he said. (AA)