US unemployment data: Jobless claims edge up to 210,000; labour market still shows resilience

Applications for unemployment benefits in the United States rose slightly last week, signalling continued labour market resilience even as hiring momentum has slowed over the past year.New filings for jobless aid increased by 5,000 to 210,000 for the week ended March 21, up from 205,000 in the previous week, the US Labour Department said on Thursday, according to AP. The figure was in line with expectations of analysts surveyed by FactSet.Weekly jobless claims are widely viewed as a near real-time gauge of layoffs. Though layoffs have largely remained within a historically healthy range of 200,000–250,000 in recent years, several major companies -- including Morgan Stanley, Block, UPS and Amazon -- have recently announced job cuts.Earlier this month, the Labour Department reported that US employers unexpectedly shed 92,000 jobs in February. Payroll data for December and January were also revised lower by a combined 69,000 jobs, pushing the unemployment rate up to 4.4%.The weaker employment picture has added to economic uncertainty amid the ongoing conflict involving Iran, which has driven oil prices more than 40% higher and increased cost pressures for businesses and households. Inflation was already elevated before the conflict, with the Commerce Department noting that the Federal Reserve’s preferred price gauge rose 2.8% year-on-year in January, above the central bank’s 2% target.Against this backdrop, the Federal Reserve left its benchmark lending rate unchanged at its latest policy meeting. Policymakers had earlier voted to raise rates three times towards the end of 2025, citing concerns about a softening job market.Economists say the labour market remains in a “low-hire, low-fire” phase -- keeping unemployment historically low but making it harder for jobseekers to find new work.The report also showed that the four-week moving average of jobless claims dipped by 250 to 210,500. Meanwhile, the number of Americans continuing to receive unemployment benefits for the week ended March 14 declined by 32,000 to 1.82 million.