The U.S. job market continues to show signs of strength, as the number of Americans filing for unemployment benefits fell to a three-week low, according to Labor Department data released Thursday.

HIGHLIGHTS OF JOBLESS CLAIMS (WEEK ENDED JUNE 10)
  • Initial jobless claims fell by 8k to 237k (forecast was 241k); close to 43-year-low of 227k
  • Continuing claims rose by 6k to 1.935m in week ended June 3 (data reported with one-week lag)
  • Four-week average of initial claims, a less-volatile measure than the weekly figure, rose to 243k from 242k in the prior week

Key Takeaways

Labor demand in the U.S. economy remains high, and with unemployment at a 16-year low, employers are choosing to retain the staff they have on hand. The data continue to signal a tightening labor market, in which managers complain of an ever-shrinking pool of candidates that don’t match the skills or experience some are looking for. Federal Reserve Chair Janet Yellen said Wednesday that employment was near its maximum sustainable level as the central bank raised interest rates for the third time in six months.

Other Details

  • Previous week’s initial claims unrevised at 245,000
  • Hawaii, Louisiana had estimated claims last week
  • Unemployment rate among people eligible for benefits unchanged at 1.4 percent
 
by Patricia Laya
 
Source:  Bloomberg, June 2017