FX.co ★ US Initial Claims Remain at Muted Levels

Initial jobless claims in the US rose by 5,000 in the third week of March to 210,000, in line with the median market forecast and still below last year’s average. Meanwhile, continuing jobless claims—used as a proxy for ongoing unemployment—declined by 32,000 to 1,819,000 in the preceding week, beating expectations of 1,850,000 and matching the lowest level since May 2024. These figures continue to stand in contrast to the softer signals in the Bureau of Labor Statistics’ February employment report, which showed a subdued hiring pace that the Federal Reserve has partly attributed to lower immigration. Initial claims filed by federal employees, closely watched as markets gauge the impact of potential government shutdowns, edged down by 59 to 584.