Applications for US state unemployment insurance fell last week by more than expected, signaling that employers are retaining workers in an increasingly tight labor market.
- Initial unemployment claims fell by 5,000 to 166,000 in the week ended April 2. The median average in a Bloomberg survey of economists anticipated 200,000 initial applications.
- Continuing claims for state benefits increased slightly to 1.52 million in the week ended March 26.
- The decline in first-time applications is another positive indicator of the trend in the labor market. Weekly unemployment claims have been dropping for the largest part of the year.
- On an unadjusted basis, initial unemployment claims fell to 193,137 last week.
Texas, Michigan, and New Jersey were states posting the biggest decreases in unadjusted claims.
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Source: US Department of Labor