New applications for U.S. unemployment benefits edged slightly higher last week but remained at levels consistent with a stable labor market. The Department of Labor reported that initial jobless claims rose by 5,000 to a seasonally adjusted 210,000 for the week ending March 21, matching economists' forecasts.
Continuing claims, which are a proxy for the number of people receiving ongoing unemployment benefits, declined. The steady jobless claims figures suggest that the labor market remains resilient, which could give the Federal Reserve more flexibility in its monetary policy decisions as it continues to monitor inflation.
Market Impact: The S&P 500 fell 1.11%, the Nasdaq Composite dropped 1.48%, and the Dow Jones Industrial Average slid 0.69%.