Weekly jobless claims fall in the US

The number of Americans who filed new unemployment benefit applications fell last week, indicating a further tightening of market conditions. working market for the second quarter, which could help maintain inflation elevated.

Part of the decline in orders, which returned to their lowest level in the last 53 years, reached in mid-March, was due to a revision of seasonal factors, the model used by the government to eliminate seasonal fluctuations in prices. data.

During the Covid-19 pandemicthe work Department switched to additive factors to seasonally adjust data from initial and ongoing claims for multiplicative factors, which economists had complained were less reliable due to the economic impact caused by the crisis of coronavirus.

“Now that most of the large effects of the pandemic on the unemployment insurance series have subsided, the seasonal adjustment models are respecified as multiplicative,” the report said on Thursday. work Department it’s a statement.

“Statistical tests show that the series of the unemployment insurance should, in normal times, be estimated multiplicatively,” he added.

The initial requests for unemployment benefits states fell by 5,000, to a seasonally adjusted figure of 166,000, in the week ending April 2. Orders were at this level for the week ending March 19, which was the lowest since November 1968. Seasonal factors then were very different from now, making comparisons difficult.

Economists polled by Reuters had forecast 200,000 claims for the latest week. The government also revised data from 2017 to 2021. Orders hit a record 6.137 million in early April 2020.

Despite the noise caused by changes in seasonal factors, the working market is adjusting quickly. the grave worker shortage it’s keeping layoffs low and boosting hiring.

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