WASHINGTON, May 23 - The number of Americans filing new claims for unemployment benefits fell last week, pointing to underlying strength in the labor market that should continue to support the economy.
Companies are generally holding on to their workers after experiencing difficulties finding labor during and after the COVID-19 pandemic. That was underscored by a survey from S&P Global on Thursday showing a moderation in the pace of decline in employment at factories and services businesses in May.
Minutes of the Fed's April 30-May 1 policy meeting published on Wednesday showed officials assessed that"demand and supply in the labor market, on net, were continuing to come into better balance, though at a slower rate." But they also noted that conditions had"generally remained tight." The so-called continuing claims rose 8,000 to a seasonally adjusted 1.794 million during the week ending May 11, the claims report showed. Continuing claims are at historically low levels.
The sales pace for March was revised lower to 665,000 units from the previously reported 693,000 units. The government revised the sales, inventory and months supply data going back to January 2019.
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