Weekly US unemployment claims little changed at all-time lows
Initial US jobless claims, a key lead indicator of hiring trends in the US, continued to hover near their multi-year lows during the latest week.
Over the seven days ending on 2 June, initial unemployment claims slipped by 1,000 to reach 222,000, according to the Department of Labor.
Economists had anticipated a reading of 220,000, down from a preliminary print of 221,000 for the week before.
Meanwhile, the four-week moving average of initial claims, which aims to smoothe out the fluctuations in the data from one week to the next, increased by 2,750 to hit 225,500.
Secondary unemployment claims, those which have not been filed for the first time and referencing the week ending on 26 May, increased by 21,000 to 1.741m.
When adjusted for population growth, 220,000 was roughly around the lows in the trend for the current cycle and the all-time lows too, said Ian Shepherdson, Pantheon Macroeconomics's chief economist.
"Clearly, firms are deeply reluctant to let staff go unless they have no other option, fearing that replacing them will be very difficult.
"With GDP growth likely to run at an average of 3% or so this year, the best since 2005, claims likely will fall even further."