United States Initial Jobless Claims

The number of Americans filing new claims for unemployment benefits fell by 6,000 from the previous week’s downwardly revised value to 186,000 on the week ending January 21st, the lowest since April, and well below expectations of 205,000. The result further consolidated evidence of a tight labor market despite elevated tech layoffs and the Federal Reserve’s aggressive tightening path last year. The 4-week moving average, which removes week-to-week volatility, fell by 9,250 to 197,500, the lowest since early May. On a non-seasonally adjusted basis, initial claims fell by 63,849 to 224,481, with significant decreases in California (15,033) and New York (4,975).