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Reuters

U.S. weekly jobless claims fall; corporate profits sag in first quarter

WASHINGTON (Reuters) -The number of Americans filing new claims for unemployment benefits fell more than expected last week as the labor market remains tight amid strong demand for workers despite rising interest rates and tightening financial conditions. Initial claims for state unemployment benefits decreased 8,000 to a seasonally adjusted 210,000 for the week ended May 21, the Labor Department said on Thursday. “The labor market data are still signaling that demand for labor remains strong,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York.

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