The number of Americans applying for new unemployment benefits fell last week as labor demand remained strong, putting the economy on track for another month of strong job growth.
Initial unemployment benefit applications fell 15,000 to the seasonally adjusted 214,000 for the week to March 12, according to the Labor Department.
Economists expected an increase of 220,000.
Applications have fallen from a record high of 6.149 million in early April 2020. Russia’s war in Ukraine poses a risk to the labor market through supply chain disruptions and higher gasoline prices.
But economists are optimistic that the job market and the economy will overcome the “storm”.
There were 11.3 million vacancies at the end of January, with a record 1.8 vacancies per unemployed.
This mismatch between labor supply and demand boosts wage growth, and contributes to high inflation.
Source: Capital
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