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US Department of Labor Statistics Reports Decrease in Initial Jobless Claims

The US Department of Labor Statistics has reported a decrease of 20,000 in the number of initial jobless claims to 192,000 in the last week. This figure is lower than analysts’ expectations of 205,000.

Meanwhile, the four-week average of initial jobless claims, which is considered a better measure of the labor market as it eliminates weekly fluctuations, decreased to 196,500. This is the eighth consecutive week that the figure has fallen below the 200,000 mark.

However, the Labor Department also reported that the number of Americans still receiving unemployment benefits increased by 29,000 to 1.684 million.

The decrease in initial jobless claims is seen as a positive sign for the US labor market, indicating that the economy is recovering from the effects of the COVID-19 pandemic. However, the increase in ongoing claims suggests that there are still some challenges facing the job market.

The US job market has been closely watched by economists and policymakers as a key indicator of the country’s economic recovery. Despite the recent improvements, there is still some way to go before the labor market returns to pre-pandemic levels.

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