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Claims for state unemployment benefits fell 28,000 to a seasonally adjusted 187,000
Jobless benefits claims fell in the U.S. to a 52-1/2-year low last week. This statistic indicates growth in the labor market.
The Labor Department reported that the initial claims for state unemployment benefits fell 28,000 to a seasonally adjusted 187,000 for the week ended March 19, the lowest level since September 1969.
As Covid-19 restrictions phase out in the U.S., jobless claims continue to decline. This is in contrast to April 2020--where claims were as high as 6.149 million.
Business spending plans
Orders for non-defense capital goods excluding aircraft fell 0.3% in February, showed data from Commerce Department. The measure is used to estimate business spending plans in the market.
January’s data was revised to 1.3% instead ofthe 1% as reported earlier. The drop in February’s unemployment statistics indicates a decrease in orders for machinery, primary metals, fabricated metals, and computers and electronic products.
Despite fell in February orders, shipments of core capital goods increased 0.5% last month.
January’s data was revised up to 2.1% instead of the previously estimated 1.9%.
Picture Credits: Reuters