US weekly jobless data falls to lowest level since 1969
Number of unemployment claims shrinks despite a slowdown in economic growth
Washington — The number of Americans filing applications for unemployment benefits fell to a more than 49-year low last week, pointing to sustained labour market strength despite slowing economic growth. Other data on Thursday showed US-based companies announced fewer layoffs in March, but job cuts for the first quarter were the highest since 2015. The economy is losing momentum as the stimulus from a $1.5-trillion tax cut package fades. Initial claims for state unemployment benefits declined 10,000 to a seasonally adjusted 202,000 for the week ended March 30, the lowest level since early December 1969, the labour department said. Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast claims rising to 216,000 in the latest week. The labour department said only claims for California were estimated. The claims data have shown no significant pickup in layoffs and there have been reports of compani...
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