US Jobless Claims Drop, Allaying Concerns About Labor Market
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Applications for US unemployment benefits fell last week and returned to muted levels seen at the start of the year, offering some relief after other reports pointed to worsening labor-market conditions.
Initial claims decreased by 21,000 to 221,000 in the week ended March 1, lower than analysts anticipated. However continuing claims, a proxy for the number of people receiving benefits, rose to an almost three-year high reached in January, a sign those out of work are having more trouble finding new positions.