10:54 AM EDT, 03/28/2024 (MT Newswires) -- Weekly applications for unemployment insurance in the US unexpected fell, while continuing claims rose, according to government data released Thursday.

The seasonally adjusted number of initial claims dropped by 2,000 to 210,000 in the week ended March 23, the US Department of Labor said. The consensus was for a 212,000 reading in a survey of analysts compiled by Bloomberg. The previous week's reading was upwardly revised by 2,000 to 212,000.

The four-week moving average was 211,000, a decrease of 750 from the prior week's average, which was revised up by 500 to 211,750. Unadjusted claims decreased by 287 on a weekly basis to 191,485.

Initial claims continue to be "well below levels that would raise alarms about significant job losses," Oxford Economics Lead US Economist Nancy Vanden Houten said in a note.

For the week ended March 16, seasonally adjusted continuing claims totaled 1.82 million, matching the Bloomberg consensus. Continuing claims advanced by 24,000 from the previous week's level that was revised down by 12,000 to 1.8 million. The four-week moving average was 1.8 million, rising by 3,500 from the previous week's downwardly revised average.

Continued claims are up roughly 8% on a trend basis, which indicates unemployed people are finding it "a touch more difficult" to get new jobs, Vanden Houten said. "The (Federal Reserve) doesn't require significant weakening in the labor market to begin cutting interest rates but needs to be confident the job market is balanced enough to support a continued slowing in wage growth."

Last week, the central bank's Federal Open Market Committee kept its benchmark lending rate unchanged at 5.25% to 5.50% -- its fifth straight pause -- and maintained expectations for three cuts this year.

California saw the largest drop in initial claims for the week ended March 16 at 5,794, followed by Oregon and Texas. The biggest increase was in Missouri, where claims rose by 1,443, followed by Michigan and Tennessee, according to the Labor Department.