TLT - Initial Jobless Claims Fall: Tight Labor Market Pushes Back Fed Rate Cut Expectations | Benzinga
The number of U.S. citizens filing new claims for unemployment benefits fell more sharply than expected last week, underpinning the Federal Reserve’s faith in the resilience of the country’s labor market.
Data from the Department of Labor on Thursday showed that in the week ending Feb. 17, the number of initial claims fell by 12,000 from the previous week to 201,000, well below consensus expectations of a rise to 216,000.
While weekly numbers can be rather volatile, the four-week moving average fell by 3,500 to 215,250, breaking the upward trend seen in the last month or so.
Oliver Allen, senior U.S. economist at Pantheon Macroeconomics, said: “The big picture remains that both initial and continuing claims are remarkably low given the stage in the economic cycle.”
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