Four-week average of claims rises to 204,000 from 199,750
The U.S. Labor Department reported Thursday that weekly applications for unemployment benefits fell to 206,000 last week, down from a revised 212,000 the prior week. The Associated Press reported that the drop indicated layoffs remain low and most Americans continue to enjoy job security.
The four-week moving average of claims, which smooths out week-to-week ups and downs, ticked up to 204,000 from 199,750.
For the past year, weekly claims have remained in a historically low range of roughly 200,000 to 230,000 a week. Claims for jobless benefits are a proxy for layoffs, and economists watch the figures because they can be a harbinger of where the job market is headed.
“The labor market has yet to show any sign of wear and tear from the surge in oil prices since the start of the war with Iran and the global energy supply shock,” Carl Weinberg, chief economist at High Frequency Economics, wrote in a commentary.