Jobless claims fell by 15,000 to 214,000 for the week ending March 12, down from the previous week’s 229,000, the Labor Department reported Thursday.
The four-week average for claims, which compensates for weekly volatility, fell to 223,000 from the previous week’s 231,750.
Earlier this month, the government reported that employers added a robust 678,000 jobs in February, the largest monthly total since July.
“Demand for labor remains strong and businesses continue to report shortages,” Rubeela Farooqi, chief U.S.
Economists expect the tight labor market to continue in 2022, with employers holding tight to existing workers “while remaining staunchly in hiring mode,”Lydia Boussour, lead U.S.
The Fed’s quarter-point hike in its key rate, which it had pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that followed the recovery from the recession.