Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from the previous week, the Labor Department says.
VIDEO: Fed hikes interest rate 0.25% amid banking fears
The four-week moving average of claims, which flattens out some of week-to-week volatility, fell by 250 to 196,250, remaining below the 200,000 threshold for the ninth straight week.On Wednesday, the Federal Reserve extended its year-long fight against high inflation by raising its key interest rate by a quarter-point, despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
The Fed’s rate increases are meant to cool the economy, labor market and wages, thereby suppressing prices. But so far, those things have not happened to the degree that the central bank had hoped. In its latest quarterly projections, the Fed predicts that the unemployment rate will rise from its current 3.6% to 4.5% by year’s end, a sizable increase historically associated with recessions.
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