US jobless claims unexpectedly drop in resilient market
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The news: US weekly jobless claims fell by 12,000 to 219,000 for the week ending 14 September, the lowest level since May, the Labor Department said.
The numbers: The data came in below expectations, with economists polled by Reuters predicting 230,000 claims. Continuing claims, a measure of ongoing benefits, dropped by 14,000 to 1.829 million, the lowest in three months.
The four-week moving average for jobless claims also decreased to 227,500, the lowest since June.
The context: The data reflects a resilient labour market despite slowing hiring. It comes a day after the Federal Reserve cut interest rates by half a percentage point to support the labour market.
Chair Jerome Powell said policymakers are watching the labour market closely but do not expect an imminent rise in layoffs.
The source: US Department of Labor
