U.S. weekly unemployment claims unexpectedly fall as seasonal volatility poses continued challenges

The data reported on Thursday suggest the U.S. labour market remains tight despite higher interest rates

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting the labour market remains tight despite higher interest rates.

Through the seasonal volatility, claims have remained at levels consistent with a tight labour market, even as layoffs have accelerated in the technology industry and interest rate-sensitive sectors like finance and housing. Outside the technology industry, economists say companies are generally reluctant to send workers home after difficulties finding labour during the pandemic. They expect companies to cut back on hiring before resorting to layoffs.

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