US jobless claims edge lower in sign of steady job market

[NEW YORK] Applications for US unemployment benefits edged lower last week, staying near historically low levels and suggesting few layoffs across the labour market.

Initial claims decreased by 6,000 to 206,000 in the week ended Aug 15, according to Labor Department data released on Thursday (Aug 20). The median forecast in a Bloomberg survey of economists called for 210,000.

Continuing claims, a proxy for the number of people receiving benefits, rose to 1.80 million in the previous week.

The latest reading comes after weekly initial claims dipped to 189,000 in the week ended July 18, the lowest since 1969. The pickup since then still leaves applications at a historically subdued level.

US employers have been slow to fire but also slow to hire workers this year, leaving the labour market relatively steady for people with a job but challenging for those trying to land one.

The four-week moving average of new applications, a metric that helps smooth out volatility, increased to 204,000 last week.

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US weekly jobless claims increase moderately, point to stable labour market

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Unadjusted for seasonal fluctuations, initial claims declined. That reflected fewer applications in states including Michigan, South Carolina and California. BLOOMBERG