U.S. labor market remains strong, manufacturing still weak

WASHINGTON - The number of Americans filing applications for unemployment increased less than expected last week, pointing to strong labor market conditions that should continue to support an economy growing at a moderate pace.

The reports came a day after the Federal Reserve cut interest rates by another 25 basis points, citing risks to the longest economic expansion in history from a year-long U.S.-China trade war and slowing economic growth overseas. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, dipped 750 to 212,250 last week.

Job gains have averaged 158,000 per month this year, still above the roughly 100,000 per month needed to keep up with growth in the working age population.

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