The number of Americans filing applications for unemployment benefits fell more than expected last week, pointing to still strong labor market conditions, though the pace of job growth has slowed after last year’s robust gains.
Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 221,000 for the week ended March 16, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims falling to 225,000 in the latest week. Claims have been drifting in the middle of their 200,000-253,000 range this year.
The unemployment rate is 3.8 percent and annual wage growth in February was the strongest since 2009.
Thursday’s claims report showed the number of people receiving benefits after an initial week of aid decreased 27,000 to 1.75 million for the week ended March 9.
