The number of new U.S. weekly jobless claims declined, with unemployment-related indicators maintaining a relatively stable trend amid lingering concerns over a slowdown in the labor market.
Initial jobless claims for the week ending March 28 totaled 202,000, the U.S. Department of Labor said Wednesday. The figure fell by 9,000 from the previous week, marking the lowest level in approximately two months since the week ending January 9 (201,000). The reading also came in below the 212,000 consensus forecast compiled by Bloomberg.
However, continuing claims — filed by those receiving unemployment benefits for two or more weeks — rose by 25,000 from the prior week to 1.841 million for the week ending March 21.
Some labor market indicators have remained stable even as uncertainty surrounding the U.S. economy has intensified in recent weeks, analysts noted.
Private-sector employment data also showed a relatively solid trend. The ADP National Employment Report released the previous day showed private payrolls grew by 62,000 in March from the prior month, exceeding market expectations.
Markets are now focused on the Labor Department's March employment report due Friday. The report is viewed as a key variable for gauging the direction of the labor market and the outlook for monetary policy.