U.S. weekly jobless claims unexpectedly fall

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefit unexpectedly fell last week, but could rise in the coming weeks as the coronavirus pandemic causes companies to layoff workers amid supply chain disruptions and waning demand for some goods and services. FILE PHOTO: A veteran fills out a form at a military job…

U.S. weekly jobless claims unexpectedly fall

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefit unexpectedly fell last week, but could rise in the coming weeks as the coronavirus pandemic causes companies to layoff workers amid supply chain disruptions and waning demand for some goods and services. FILE PHOTO: A veteran fills out a form at a military job fair in Sandy, Utah, U.S., March 26, 2019. REUTERS/George FreyInitial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 211,000 for the week ended March 7, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 fewer applications received than previously reported. Claims have now dropped for two straight weeks. Jobless claims are the most timely labor market indicator and are being closely monitored for clues on the coronavirus’ impact on the economy. The virus has roiled financial markets and fanned fears of a recession, prompting the first emergency interest rate cut from the Federal Reserve since the financial crisis. Economists polled by Reuters had forecast claims rising to 218,000 in the latest week. The Labor Department said only claims for Alabama were estimated last week. The four-week moving average of initia
Read More From Publisher