The U.S. Reported Fewer Initial Jobless Claims Last Week Than Expected

According to the Labor Department, initial jobless claims fell by 15,000 last week to 214,000. This is the lowest level since the beginning of the year.

The number of claimants for unemployment benefits is well below 215,000, the weekly average prior to the COVID-19 pandemic in the United States.

The four-week average of Americans filing initial jobless claims is a better measure of the labor market because it eliminates weekly volatility. It fell to 223,000.

At the same time, the number of Americans continuing to file for unemployment benefits fell to 1.42 million, the lowest level since February 1970.

In addition, the U.S. Federal Reserve (Fed) reported today that total U.S. industrial production rose 0.5% in February, following a 1.4% increase in January.

Total industrial production is a measure of adjustment in factories, mines, and utilities.

Industrial production rose 1.2% in February after increasing 0.1% in January, while mining rose 0.1% and utilities fell 2.7%.

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