Weekly Jobless Claims Decline in the U.S.

The number of citizens who filed new claims for unemployment benefits decreased last week, but sharp cuts in government spending and the escalating trade war threaten the stability of the labor market. Initial claims for state unemployment aid fell by 2,000 to a seasonally adjusted 220,000 for the week ended March 8, according to the U.S. Department of Labor’s announcement on Thursday. Economists surveyed by Reuters had forecast 225,000 claims for the latest week. Claims have subsided after spiking at the end of February. While the labor market remains on solid ground, policies from President Donald Trump’s administration pose risks. Thousands of federal workers, mostly on probation, have been laid off by Elon Musk’s Government Efficiency Department, or DOGE.