US jobless claims mark 3rd weekly fall, reach 210,000

US jobless claims mark 3rd weekly fall, reach 210,000

Mubasher: US unemployment claims fell in the week ended 18 August, registering the third weekly decline in a row, data showed on Thursday.

Americans filing for initial jobless claims, which is an indicator of layoffs across the US, were down by 2,000 to a seasonally adjusted 210,000 claims in the week ended 18 August, a historic low, the US Labor Department said in its report issued Thursday.

Economists surveyed by The Wall Street Journal (WSJ) had expected 215,000 new claims last week.

It is worth noting that unemployment claims have been low for years, indicating that employers across the US were maintaining their workers and signaling what is known as a tight labour market. Managers are reportedly finding difficulty in hiring qualified employees.

The rate of unemployment in the US fell to 3.9% in July, reaching its lowest level since April 2000, the Labor Department's latest jobs report showed. Moreover, the number of open jobs exceeded the number of unemployed Americans seeking work for the first time in records going back to 2000, this spring.

As for continuing claims, which are claims requested for more than a week, their number fell by 2,000 to 1.727 million in the week ended 11 August. Continuing claims are reported with a one-week lag, the data showed.

By 12:38 pm GMT, the EUR/USD fell 0.14% to $1.1581, while the GBP/USD declined 0.25% to $1.2879. Earlier on Thursday, the greenback rose against a number of currencies, breaking a six-day losing streak.

`