States reported that 191,000 workers filed for new unemployment benefits during the week ending March 18, a decrease of 1,000 from the previous week's revised level. About 1.69 million workers continue to claim unemployment benefits, which is considered within the normal range.
Economists point out that unemployment remains exceptionally low by historic standards, underscoring how the labor market continues to thrive despite the Federal Reserve's efforts to cool the economy and tamp down inflation by raising interest rates.
The four-week moving average of claims, which flattens out week-to-week volatility, held below the 200,000 threshold for the ninth straight week. Claims above 300,000 are associated with a recession, indicating that high-profile job cuts in the technology sector have not had a significant impact on the overall labor market.