Jobs
US Jobless Claims Edge Lower in Sign of Strong Labor Market
- First-time unemployment claims fell to 190,000 last week
- Fourth-quarter labor costs revised up to 3.2% gain from 1.1%
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Applications for US unemployment benefits eased last week and a measure of labor costs remained firm in the closing months of 2022, highlighting a tight job market that’s contributing to inflationary pressures.
Initial unemployment claims decreased by 2,000 to 190,000 in the week ended Feb. 25, according to Labor Department data out Thursday. Separate figures showed unit labor costs climbed an annualized 3.2% in the fourth quarter, nearly three times the preliminary estimate.