FX.co ★ US Jobless Claims Inch Lower

Initial jobless claims in the US edged down by 1,000 in the first week of March, to 213,000, slightly below the consensus forecast of 215,000 and remaining well under the two-year averages that have been tested since mid-February. Similarly, continuing jobless claims, a proxy for ongoing unemployment in the US, declined by 21,000 to 1,850,000 in the final week of February. These readings stand in contrast to the softer signals in the latest BLS employment report, reinforcing the narrative of a labor market characterized by subdued hiring but also limited layoffs. Initial claims filed by federal employees—closely watched as markets gauge the impact of potential government shutdowns—ticked up by 88 to 617.