WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits unexpectedly dropped last week as demand for labor remained strong, helping to prop up the economy amid rising unemployment rates. interest rates and tightening financial conditions.
Initial jobless claims fell by 11,000 to 200,000 (seasonally adjusted data) in the week ended May 28, the Labor Department said on Thursday. Economists polled by Reuters predicted 210,000 new claims in the last week.
Claims are largely flat since hitting a more than 53-year low of 166,000 in March. Demand for labor remains strong, although some signs of cooling are emerging.
The non-farm employment report to be released on Friday is expected to show that strong job growth persisted in May despite rising interest rates and tightening financial conditions.
According to a Reuters poll of economists, the country must have created 325,000 jobs outside the agricultural sector last month (in net terms). The economy generated 428 thousand jobs in April, marking 12 consecutive months of openings above 400 thousand.
(By Lucia Mutikani)
#jobless #claims #drop #weekly