Information released Thursday morning show initial U.S. jobless claims fell to 264,000 in early June, to the lowest level in six weeks, showing that layoffs remain low despite a nationwide slowdown in hiring.
The U.S. Labor Department release revealed that new applications for unemployment benefits declined by 4,000 from a revised 268,000 in the prior week. Economists had expected new claims to total 270,000.
Claims sit near the lowest level in decades and have barely budged even though the pace of job creation has cratered in the past two months. The economy added just 38,000 jobs in May after a mediocre 123,000 gain in April.
Many economists view the slowdown in job creation as temporary, though other labour-market indicators suggest hiring could be soft for months.
The average of new claims over the past month, meanwhile, fell by 7,500 to a seasonally adjusted 269,500, the department added. The four-week average smooths out fluctuations in the more volatile weekly report and is seen by experts as a more accurate measure of labour-market trends.
Related Stories
