U.S. labour market continues to perform well

U.S. initial jobless claims rose by 1k in the March 14th week to 291k, a shade better than expected, while the prior week was revised up slightly (by 1k to 290k). 

Continuing claims fell to 2.42 mln in the March 7th week from 2.43 mln. Note that this covers the BLS survey week, and the Labor Department said there were no unusual factors at play. 

On a 4-week average basis, initial claims inched up, but still sit at a healthy 304.8k, or just slightly higher than the cycle lows set in the fall. 

BMO Capital Markets notes ....

• The U.S. labour market continues to perform well. Recent claim activity remains historically low-going back to 1990.
  
  
• The big picture is that, we've only seen these levels sustained for a short periods during the height of the technology boom and very briefly in early 2006 at the height of the housing boom.