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The total number of US citizens, who apply for unemployment benefits suddenly edged down the previous week, thus pointing to further tightening of US labor market conditions.
As a matter of fact, initial applications for state unemployment benefits went down by about 1,000 to 222,000. That’s what the Ministry of Labor informed on Thursday. For the last week data on requests was updated to display 2000 more applications obtained earlier.
Market experts foresaw that the previous week, applications would rally to 225,000. Besides this, the Ministry of Labor added that applications in Maine were assessed the previous week, while procedures for accepting appeals in Puerto Rico as well as the Virgin Islands still haven’t got back to normal after the previous year's terrible hurricanes.
Additionally, the four-week moving average of primary hits, considered to be the best gauge of labor market trends because it takes weekly volatility into account, tacked on by 2,750 to 225,500 the previous week.
Market analysts are 100% assured that the labor market has approached the level of complete employment. The number of jobs in the non-agricultural sector rallied by 223,000 jobs in May, while the unemployment rate went down to an 18-year minimum of 3.8%.
The unemployment rate that this year went down by 0,3%, is currently at the level, which, according to the estimates of the Federal Reserve, is going to be reached by the end of 2018.
Dismissals are quite low in the face of a soaring deficit of employees in all sectors of the American economy. Tuesday’s data disclosed that in April there were registered up to 6.7 million vacancies. Besides this, the number of unemployed for one job headed south to 0.9 versus the reading of March - 1.0.
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