US weekly jobless claims unexpectedly drop

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The number of people filing new US jobless claims unexpectedly dropped last week, suggesting the job market remains tight despite higher interest rates.

Initial claims for unemployment benefits dropped by 15,000 to 190,000 in seasonally adjusted data for the week ended January 14, the Labor Department said on Thursday (19). Economists polled by Reuters had estimated 214,000 claims for the week.

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Part of the surprising drop in orders is likely due to challenges in adjusting the data to seasonal fluctuations at the beginning of the year.

Amid seasonal volatility, orders remained at levels consistent with a tight job market, even as layoffs accelerated in the technology sector and in interest rate sensitive areas such as finance and housing.

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The jobless claims data covered the period during which the government polled companies for the non-farm jobs report for January.

Source: CNN Brasil

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