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The Financial Express

US jobless claims drop to 216,000 last week

Published: January 31, 2020 15:37:59 | Updated: February 06, 2020 15:27:15


File photo (Collected) File photo (Collected)

The number of initial jobless claims in the United States dropped last week, according to a report released by the US Bureau of Labor Statistics on Thursday.

In the week ending Jan. 25, the number of people filing for US unemployment benefits decreased by 7,000 to 216,000 from the previous week's revised figure which was added 12,000, said the bureau.

The report also showed that the four-week moving average of initial claims, a method to iron out data volatility, decreased by 1,750 to 214,500. The previous week's average was revised up by 3,000 to 216,250, said the bureau.

As an important leading indicator to reflect unemployment status in the United States, a lower reading in jobless claims indicates lower overall layoffs.

The reading of jobless claims remained below the 300,000 threshold, signalling a tight labour market in the United States, reports Xinhua.

For a bigger picture of US labor market, US employers added 145,000 jobs in December, down from a revised 256,000 in November, and the unemployment rate remained at 3.5 per cent, reported the US Bureau of Labor Statistics on Jan. 10.

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