Recurring applications for US unemployment benefits fell to the lowest level in almost two years, indicating ongoing stability in the labor market despite fresh economic headwinds.
Continuing claims, a proxy for the number of people receiving benefits, fell by 32,000 to 1.819 million in the week ended March 14, the lowest since May 2024, according to Labor Department data released Thursday. Initial claims increased by 5,000 last week, to 210,000.
Filings have remained subdued despite high-profile companies such as Paramount Skydance Corp.’s CBS News and Meta Platforms Inc. announcing job cuts. Many economists have downgraded their forecasts for the US economy this year and boosted projections for unemployment following a surge in oil prices sparked by the Iran war.
But initial claims are settling near some of the lowest levels seen in the last year, signaling the labor market continues to be in a low-firing environment.
The four-week moving average of new applications, a metric that helps smooth out volatility, edged down to 210,500. Before adjusting for seasonal factors, initial claims fell. Kentucky and Ohio registered the largest declines.
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