Washington DC [US], September 10 (ANI): The number of Americans filing new applications for unemployment benefits edged lower last week, indicating limited layoffs in the US labor market, according to data released by the US Department of Labor on Thursday.
Seasonally adjusted initial unemployment claims stood at 206,000 in the week ended September 5, down by 1,000 from the previous week's revised level of 207,000, the Department of Labor's Employment and Training Administration said in its weekly unemployment insurance claims release.
The previous week's figure had initially been reported at 206,000 but was revised upward by 1,000 to 207,000.
The four-week moving average, which helps smooth out weekly fluctuations in the data, declined to 206,000, down 1,500 from the previous week's revised average of 207,500.
The latest initial claims figure was also significantly below the 259,000 claims recorded in the comparable week a year earlier, according to the Labor Department data.
Meanwhile, the number of people continuing to receive unemployment benefits also edged lower. Seasonally adjusted insured unemployment stood at 1.774 million in the week ended August 29, declining by 1,000 from the previous week's revised level of 1.775 million.
The four-week moving average for insured unemployment declined by 1,750 to 1.779 million, while the seasonally adjusted insured unemployment rate remained unchanged at 1.2 per cent.
Initial unemployment claims measure new applications for unemployment insurance following separation from an employer and are closely watched as an early indicator of changes in US labor market conditions. The Labor Department, however, notes that weekly claims data can be volatile.
The latest figures come as the US labor market continues to draw attention from investors and policymakers for signs of changes in hiring and layoffs. (ANI)
US weekly jobless claims decline to 206,000
