Weekly applications for unemployment insurance in the US fell more than expected, while continuing claims surpassed Wall Street's estimates, government data showed Thursday.
For the week through April 11, the seasonally adjusted number of initial claims decreased by 11,000 to 207,000 from the previous week's average that was adjusted downward by 1,000, the Department of Labor said. The consensus was for a 213,000 reading in a Bloomberg poll.
The four-week moving average totaled 209,750, up by 500 from the prior week's average that was revised lower by 250. Unadjusted claims rose by 12,116 to 213,873, the DOL said.
"The latest jobless claims data offer no indication that the US war with Iran has had a notable impact on the labor market," Oxford Economics Lead US Economist Nancy Vanden Houten said in remarks e-mailed to. "Initial claims have see-sawed over the last two weeks due to seasonal factors but remain at levels consistent with a low pace of layoffs."
Seasonally adjusted continuing claims for the week ended April 4 reached 1.82 million, exceeding Wall Street's expectations of 1.81 million. Continuing claims rose by 31,000 from the previous week's level, which was revised down by 7,000, according to the DOL. The four-week moving average fell by 8,250 to about 1.81 million, the lowest level since June 1, 2024.
"Continued claims rose in the week ended April 4, following their typical up-and-down pattern," Vanden Houten said. "However, they continue to trend lower overall, reflecting the general drift lower in initial claims since last fall."
The White House is optimistic about reaching a deal with Iran, noting that a potential second round of talks would likely be held in Pakistan. US-Iran peace negotiations in Islamabad ended without a deal last weekend.
Meanwhile, the two-week ceasefire between Washington and Tehran holds.