US weekly jobless claims hit 49-year low, labour market resilient

WASHINGTON: The number of Americans filing applications for unemployment benefits fell to a nearly half-century low last week, pointing to sustained labour market strength despite slowing economic growth.

Initial claims for state unemployment benefits declined 10,000 to a seasonally-adjusted 202,000 for the week ended Mar 30, the lowest level since early December 1969, the Labour Department said. The dollar gained versus a basket of currencies. US Treasuries prices rose, while stocks on Wall Street were mixed.The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 4,000 to 213,500 last week, the lowest level since early October 2018.

"We see the initial claims data as consistent with healthy labour market conditions and in line with the widely anticipated rebound in the pace of payroll employment in March," said Jonathan Millar, an economist at Barclays in New York.

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