According to the Labor Department, initial jobless claims in the US fell by 1,000 to 191,000 on a seasonally adjusted basis last week, reaching a three-week low and below the forecasted number of 198,000. The four-week average of initial jobless claims, which provides a better picture of the job market by smoothing weekly volatility, dropped to 196,250, falling below 200,000 for the ninth consecutive week.
While new jobless claims are decreasing, the number of Americans still claiming unemployment benefits rose by 14,000 to 1.69 million, according to the US Department of Labor. The increase in continuing claims suggests that while many people are returning to work, some are still struggling to find employment.