US applications for unemployment benefits fell 7000

18.02.2016

The number of Americans who first applied for unemployment benefits last week fell 7000 to 262 000, the lowest level since November 2015, according to the US Department of Labor report.

Last week there were submitted 269 000 applications.

Analysts polled by Bloomberg, expected an increase in the number of applications by 6 thousand compared to the previous week's level, to 275 thousand.

The US labor market is showing resilience despite the weakening of growth in exports from the United States - a sign that domestic demand is helping the economy cope with the adverse effects of the weakening global economic recovery.

The increase in hiring volumes and a decrease in job cuts give the Americans confidence in the preservation of employment, which will help accelerate the pace of consumer spending growth, experts say.

"The situation in the US labor market at the moment shows that inside activity is flexible in adverse environmental conditions, - said Michael Gapen, a senior economist for the US market Barclays (L: BARC) Capital Inc. in New York, - Amid this situation, the sustained growth of consumption in the first quarter should support the economic recovery. "

The average number of applications over the past four weeks, which is a less volatile measure, dropped to 273 250, the lowest level since December, compared to 281 250.

Meanwhile, the number of people continuing to receive unemployment benefit for the week ending 6 February, increased by 30 000, to 2.273 million people.

The figure for the previous week was revised up from 2.239 million to 2.243 million. Experts expected it to increase to 2.250 million.

As reported, the number of jobs in the US economy in January 2016 increased by 151 thousand after increasing by 262 thousand in December. The unemployment rate last month fell from 5% to 4.9%, the lowest level since February 2008.

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