US Jobless Claims Steady at 200,000 in Sign of Limited Layoffs
Applications for US unemployment benefits were little changed last week, steadying at low levels after a volatile holiday season.
Initial claims increased by 1,000 to 200,000 in the week ended Jan. 17, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 209,000.
Continuing claims, a proxy for the number of people receiving benefits, fell to 1.85 million in the previous week to the lowest since November.
New filings seesawed during the final weeks of the year, which is typical around the holidays. But the latest weekly figures are consistent with a labor market defined by limited layoffs.
After three consecutive rate cuts in an effort to bolster the job market, Federal Reserve officials are widely expected to keep interest rates unchanged at their first policy meeting of the year next week.
The four-week moving average of new applications, a metric that helps smooth out volatility, fell to 201,500 last week, a two-year low.
Before adjusting for seasonal factors, initial claims also dropped last week. New York, Georgia and Texas saw some of the largest declines.
Source : Bloomberg.com
