Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 210,000 for the week ended March 16, the U.S. Labor Department said on Thursday
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting that job growth remained strong in March.
The Federal Reserve on Wednesday left its policy rate unchanged in the 5.25 per cent-5.50 per cent range, but policy-makers indicated they still expected to trim it by three-quarters of a percentage point by the end of the year. Labor market resilience is helping to underpin the economy, which continues to outshine its global peers. Despite a flurry of high-profile layoffs at the start of the year, employers have largely been hoarding labour after struggling to find workers during and after the COVID-19 pandemic.
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