Weekly U.S. Jobless Claims Fall Unexpectedly

The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, but the drop was likely due to ongoing challenges adjusting the data for seasonal fluctuations around this time of the year.

The labor market remains in ​what economists and policymakers have termed a "low-hire, low-fire" state. Economists say President Donald Trump's aggressive trade and immigration policies have reduced both demand for and supply of ‌workers. Businesses also are unsure of their staffing needs as they invest heavily in artificial intelligence, which is curbing hiring.

"The picture of the labor market from the claims data, as noisy as it has been in recent weeks, is one of at least stable labor market conditions," said Nancy Vanden Houten, Oxford Economics' lead U.S. economist.

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