US initial jobless claims fall
The number of Americans filing for unemployment benefits fell last week, according to figures released by the Labor Department on Thursday.
Jobless claims were down 4,000 to 211,000 from the previous week’s level, which was revised lower by 1,000. Economists had expected a level of 218,000.
Meanwhile, the four-week moving average came in at 214,000 up 1,250 from the previous week’s level, which was revised down by 250.
The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.
Continuing claims - i.e. the number of people already collecting unemployment benefits - fell to 1.722m from a revised 1.733m. The previous week’s level was revised up by 4,000.
Pantheon Macroeconomics, said: "So far, these data show no impact from the virus, but the data tell us only about the firing side of the payroll equation; they have nothing to say about the pace of gross hiring. It’s just a matter of time, though, before layoffs in the discretionary services sector - the part of the economy most exposed initially to the virus - start to lift claims."