U.S. initial jobless claims last week dropped sharply to the lowest level this year.

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The number of new jobless claims in the US fell to the lowest level since January last week, further reinforcing the signal that "layoffs remain limited" and providing the latest basis for the market to judge the resilience of the US labor market.

According to data released by the US Department of Labor on Thursday, in the week ending March 14, the number of new jobless claims decreased by 8,000 to 205,000.

This result is also lower than the median forecast of 215,000 from Bloomberg’s economist survey, indicating that there is no upward pressure on jobless claims in the short term.

However, the number of continuing jobless claims, which serves as an indicator of the number of people receiving unemployment benefits, rose to 1.86 million in the previous week, suggesting that some unemployed people may be staying on the list for longer. For investors, this set of data leans towards stability on the key question of "whether layoffs are expanding," but also leaves space for monitoring the pace of re-employment.

Initial Claims Fall, Below Bloomberg Forecast

Department of Labor data shows that the number of new jobless claims in the week ending March 14 was 205,000, down 8,000 from the previous week, and hitting the lowest level since January. At the same time, it is near the historic low for new jobless claims over the past five years.

The median forecast from Bloomberg’s economist survey was 215,000; the actual figure was below expectations, meaning the scale of new claims did not rise significantly in the short term.

Continuing unemployment claims are still below the warning line of 1.9 million, and there is no sign that the number of layoffs is increasing.

Continuing Claims Rebound to 1.86 Million, Receiving Group Expands

The number of continuing jobless claims rose to 1.86 million in the previous week. This indicator is typically used as a proxy for the scale of people receiving unemployment benefits.

The combination of declining initial claims and rebounding continuing claims means that new jobless claims are decreasing, but more people remain on unemployment benefits.

Data Indicates: Companies "Not Hiring, Not Firing"

Bloomberg points out that the decline in initial claims to the lowest level since January provides more evidence of "limited layoffs."

Meanwhile, the rebound in continuing claims also indicates that some recipients may need more time to exit the benefits system. This divergence will continue to influence market judgments about labor market tightness.

Polls show the labor market is polarized, with jobs being hard to find on one hand, but on the other hand, the unemployment rate hasn't surged.This further confirmsthat the economic model of "not hiring, not firing" remains the status quo—not worse, but not better either.

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