financetom
Economy
financetom
/
Economy
/
US weekly jobless claims edge lower
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US weekly jobless claims edge lower
Mar 27, 2025 6:06 AM

WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits slipped last week, while the jobless rate appeared to have held steady in March.

Initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 224,000 for the week ended March 22, the Labor Department said on Thursday. Economists polled by Reuters had forecast 225,000 claims for the latest week.

The government revised the claims data from 2020 through 2024, in line with the normal practise. New seasonal factors, the model that it uses to strip out seasonal fluctuations from the data, were introduced for 2025.

Seasonal factors for 2020 through 2024 were also revised.

Low layoffs have blunted the impact of a sharp moderation in hiring, keeping the labor market on a solid footing and the economic expansion on track. But President Donald Trump'saggressive trade policy and an ambitious campaign to drastically downsize the federal government through deep spending cuts and mass firings have cast a pall over the economy.

While there has been no significant pick up in filings for unemployment compensation by federal workers, claims in the Washington D.C. metropolitan area, which include parts of neighboring Maryland and Virginia, have risen.

These most likely reflect layoffs of contractors and others who dependent on government funding. Tech billionaire Elon Musk's Department of Government Efficiency, or DOGE, has fired thousands of federal workers, many of whom have been ordered reinstated by courts. Some have been put on administrative leave, which does not allow them to file for benefits.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, decreased 25,000 to a seasonally adjusted 1.856 million during the week ending March 15, the claims report showed.

The so-called continuing claims data was also revised from 2020 through 2024. Seasonal factors were also revised for that period and new ones introduced for 2025.

Continuing claims data covered the week during which the government surveyed households for March's unemployment rate.

With a Conference Board survey on Tuesday showing a mild improvement in consumers' perceptions of the labor market in March, economists expect the unemployment rate to hold steady at 4.1% this month.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
What's Going On With US Listed Chinese EV Stocks Nio, Li, XPeng Wednesday?
What's Going On With US Listed Chinese EV Stocks Nio, Li, XPeng Wednesday?
Oct 23, 2024
The International Monetary Fund (IMF) has downgraded China’s 2024 economic growth forecast to 4.8% from its previous estimate of 5%, citing weakening consumer confidence and ongoing domestic property issues. This revised projection, while aligned with China’s official target of “around 5%,” highlights the challenges facing the world’s second-largest economy despite recent stimulus efforts, SCMP reports. The IMF warned that further...
US existing home sales fall to 14-year low in September
US existing home sales fall to 14-year low in September
Oct 23, 2024
WASHINGTON (Reuters) - U.S. existing home sales dropped to a 14-year low in September, likely as prospective buyers held out for lower mortgage rates, with house prices remaining elevated. Home sales fell 1.0% last month to a seasonally adjusted annual rate of 3.84 million units, the lowest level since October 2010, the National Association of Realtors said on Wednesday. Economists...
USD/JPY Climbs To Three-Month Peak Amid US Dollar Strength
USD/JPY Climbs To Three-Month Peak Amid US Dollar Strength
Oct 23, 2024
By RoboForex Analytical Department The USD/JPY currency pair surged to near three-month highs, hitting 151.79, driven by the strengthening US dollar and rising US government bond yields. The appreciation of the US dollar was supported by favourable macroeconomic data from the US and ongoing demand for safe-haven assets in anticipation of the upcoming US elections. Japan's political landscape is uncertain...
Putin scores a BRICS win with rare Xi and Modi show of harmony
Putin scores a BRICS win with rare Xi and Modi show of harmony
Oct 23, 2024
* Xi and Modi hold first formal talks in five years * Putin gets a win with Xi-Modi meeting * Putin says 30 countries hope to join BRICS * BRICS communique calls for less conflict (Recasts headline and lead Xi, Modi meeting in paragraphs 1,2, 3-7, O'Neill comments paragraphs 10-11, 23) By Vladimir Soldatkin and Guy Faulconbridge KAZAN, Russia, Oct...
Copyright 2023-2025 - www.financetom.com All Rights Reserved