Investing.com – The number of Americans filing for first-time unemployment benefits unexpectedly edged down last week, touching the lowest level since February, in a sign of strength in the labor market.
Initial claims for state jobless aid slipped to 201,000 during the week ended on January 4, down from a prior mark of 211,000, according to a report from the Labor Department on Wednesday. Economists had expected a reading of 214,000.
The four-week moving average, which aims to account for volatility in the weekly returns, decreased to 213,000. It had previously stood at 223,250.
Continuing jobless claims, meanwhile, rose by 33,000 to 1.867 million during the week ending on December 28.
Elsewhere, private payrolls increased by 122,000 jobs last month, after advancing by 146,000 in November, the ADP National Employment Report showed on Wednesday. Economists had forecast private employment moving up by 139,000 positions.
A raft of economic figures earlier this week also pointed to an unexpected increase in job openings and sticky inflation. Taken together, the readings — which come ahead of the all-important monthly US employment report later this week — bolstered bets that the Federal Reserve will not be in a rush to roll out further possible interest rate reductions in 2025.
