Initial jobless claims in the US fell by 9,000 from the previous week to 202,000 in the fourth week of March, well below the median market estimate of 212,000. It nearly tied the two-year low of 201,000 in the first week of January, which is subject to volatile readings due to the holidays, to consolidate the low firing trend in the labor market that has prevented the Federal Reserve from extending its cutting cycle this year. Meanwhile, continuing jobless claims, which serve as proxy for outstanding unemployment in the US, edged higher by 25,000 to 1,841,000 in the third week of March, but remained below the average from the second half of last year. Initial claims filed by federal employees, which have been under scrutiny as markets measure the impact of government shutdowns, rose by 38 to 622.
