Fewer people in the US filed jobless claims in the US last week than economists had expected, pointing to a still tight domestic job market as the Federal Reserve seeks to cool the economy.
New claims for federal unemployment benefits, a proxy for layoffs, totaled a seasonally adjusted 194,000 in the week ended Feb. 11, a tick down from the revised 195,000 in the previous week, the Labor Department said on Thursday.
Jobless claims stayed below 200,000, as they have for several weeks. Applications fell below this threshold in January for the first time since April 2022.
US unemployment hit 3.4 percent last month, its lowest level in 53 years, as the domestic job market resists Federal Reserve efforts to slow the economy amid rampant inflation.
Ever since a blockbuster payroll report showed the creation of more than half a million US jobs in January, Fed officials on the panel have signaled that further monetary tightening will be needed if economic data, including jobs, remains strong.
Fed Governor Michelle Bowman said last week that while some components of inflation have moderated, continued tightness in the labor market is pushing inflation higher.
The total number of people receiving state unemployment benefits nationwide rose by 16,000 to 1.7 million in the week ended Feb. 4 from the revised figure for the previous week, the Labor Department added.
Initial claims were highest in California, Ohio, Illinois, Kansas, and Florida, while Georgia, New Jersey, Texas, Oregon, and Arkansas saw the largest declines.
