dChan - Q Origins Project Archive

WASHINGTON (Reuters) - The number of Americans filing applications for unemployment benefits increased more than expected last week, suggesting the labour market was slowing, but probably not to the extent implied by a near-stall in job growth in February.

While other data on Thursday showed import prices rising by the most in nine months in February, the trend in imported inflation remained weak. Import prices dropped on a year-on-year basis for a third straight month in February. The stream of data remains broadly supportive of the Federal Reserve's pledge to be "patient" before raising interest rates further this year.

"Right now the labour market looks distinctly cooler than it did last year," said Chris Rupkey, chief economist at MUFG in New York. "If Fed Chair (Jerome) Powell is waiting for inflation to pick up before resuming that gradual pace of rate hikes, today's (import prices) report isn't going to impress him much."

Initial claims for state unemployment benefits rose 6,000 to a seasonally adjusted 229,000 for the week ended March 9, the Labor Department said on Thursday. Data for the prior week was unrevised. The Labor Department said no states were estimated.

Economists polled by Reuters had forecast claims rising to 225,000 in the latest week. Claims have been hovering in the middle of their 200,000-253,000 range this year.

The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, slipped 2,500 to 223,750 last week.

*The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, slipped 2,500 to 223,750 last week.

https://www.marketscreener.com/news/U-S-weekly-jobless-claims-rise-import-prices-increase–28164615/?countview=0