U.S. jobless claims edge down last week

WASHINGTON, March 7 (Xinhua) -- The number of initial jobless claims decreased last week in the United States, according to a report released by the Labor Department on Thursday.

In the week which ended on March 2, the number of people filing for U.S. unemployment benefits dropped by 3,000 to 223,000 from previous week's revised data, said the report.

Meanwhile, the previous week's level was revised up by 1,000 from 225,000 to 226,000, according to the report.

The report also showed that four-week average of initial claims decreased by 3,000 to 226,250 last week while the previous week's average was revised up by 250 to 229,250.

The reading of jobless claims was still below the 300,000 threshold, which signals a tight labor market in the United States. The reading once reached 202,000 in mid-September 2018, which was the lowest level since December 1969.

The Department of Labor will release its employment situation report for February on March 8, which is one of the key indicators for U.S. Federal Reserve (Fed) to decide its monetary policy.

Even though the job market remained tight, the Fed had become more dovish these days in light of slowing economy.

The Fed said Wednesday that most areas of the nation saw "slight-to-moderate" economic growth in late January and February, while multiple headwinds and government shutdown weigh on the U.S. economy.

It in January suspended a three-year cycle of rate hikes amid concerns about downside risks. The current target range for the federal funds rate is 2.25 to 2.5 percent.