A earlier model of this report included an incorrect date. The week for claims ended Feb. 18.
The numbers: Preliminary jobless claims fell by 3,000 to 192,000 within the week ending Feb. 18, the Labor Division stated Thursday. That’s the sixth straight week beneath 200,000, which is a sign of a powerful labor market, and the bottom stage in three weeks.
Economists polled by The Wall Road Journal had estimated new claims would rise 3,000 to 197,000.
Final week claims had been unchanged at 195,000. That in contrast with the preliminary estimate of a decline of 1,000 to 194,000.
Key particulars: The variety of folks already accumulating jobless advantages fell by 37,000 to 1.65 million. That quantity has been slowly trending greater since final Could, when it hit 1.31 million.
Massive image: Preliminary jobless claims have been very low regardless of some well-publicized layoffs.
“The pattern proper now’s low and flat however we count on claims to rise sharply within the spring, lagging the surge in layoff bulletins,” stated Ian Shepherdson, chief economist at Pantheon, forward of the information.
Wanting forward: “We count on jobless claims to pattern greater because the economic system slows in response and ultimately enters a light recession later this yr. However the rise could also be muted in comparison with prior recessions as employers can be reluctant to put off employees which have been tough to search out within the first place,” stated Nancy Vanden Houten, lead U.S. economist at Oxford Economics.
Market response: Shares DJIA, +0.33% SPX, +0.53% had been set to open greater on Thursday. The yield on the 10-year Treasury notice TMUBMUSD10Y, 3.871% rose to three.96% on discuss of a extra aggressive Fed.