US Jobless Claims Fall for 3rd Time in 4 Weeks

US Jobless Claims Fall for 3rd Time in 4 Weeks

US Jobless Claims Fall for 3rd Time in 4 Weeks

$DIA, $SPY, $QQQ, $VXX

US filings for unemployment benefits fell for the 3rd time in 4 weeks and remain near the lowest level in 48 years, underscoring tightness in the job market, Labor Department figures showed Thursday.

Highlights of Jobless Claims (Week Ended 10 March)
  • Jobless claims decreased by 4-K to 226-K (est. 228-K)
  • Continuing claims rose by 4-K to 1.879-M  in week ended 3 March  (data reported with 1-week lag)
  • 4-week average of initial claims, a less-volatile measure than the weekly figure, fell to 221,500 from the prior week’s 222,250; year-earlier figure was 243,000

Key Takeaways

The US labor market is in good shape, with weekly applications for jobless benefits over the past 3 years below the 300,000 mark that is consistent with good health. The figures reflect how companies are holding on to employees and highlight a big problem they face: finding people with necessary skills to fill open positions.

The data follow the February jobs report last week showing employers added the most workers since mid-2016, while the labor-force participation rate had the biggest jump in almost eight years.

Other Details

  • Prior week’s reading was revised to 230,000 from 231,000
  • Unemployment rate among people eligible for benefits unchanged at 1.3% in week ended 3 March

Thursday, the major US stock market indexes finished at: DJIA +115.54 at 24873.66, NAS Comp -15.07 at 7481.73, S&P 500 -2.15 at 2747.33

Volume: Trade on the NYSE came in at: 814-M/shares exchanged

  • NAS Comp +8.4% YTD
  • S&P 500 +2.8% YTD
  • DJIA +0.6% YTD
  • Russell 2000 +2.7% YTD

HeffX-LTN’s Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
15 March 2018 QQQ 171.42 Neutral (0.22) 170.61 175.68
15 March 2018 DIA 247.88 Neutral (-0.19) 245.19 249.33
15 March 2018 SPY 275.3 Neutral (0.11) 274.69 278.11

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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