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The numbers: Initial jobless claims rose by 14,000 to 202,000 in the week ended March 26, the Labor Department said Thursday.
Claims dropped by a revised 27,000 in the previous week to 188,000 – the lowest level since 1969. Economists said this was too sharp a decline to last.
Economists polled by The Wall Street Journal had estimated new claims would rise to 195,000.
Key details: The number of people already collecting jobless benefits fell by 35,000 to 1.31 million. These so-called continuing claims are now at their lowest level since December 1969.
Big picture: Demand for labor is strong and firms are not laying off workers. With inflation high, the data are sending a clear signal for the Fed to continue to raise its benchmark policy rate. There is still a hope that more workers will return to the labor market, keeping wages from rising sharply.
Market reaction: U.S. stocks
DJIA,
SPX,
were expected to open mixed after widespread reports that the U.S. was expected to release U.S. reserves of oil into the market.
