US Jobless Claims Drop to 192,000 in Positive Sign for Economy

The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to continued labor market strength, though financial market turmoil is casting a shadow over the economy. Homebuilding surged in February, driven by the rental housing market, and import prices posted their first year-on-year decline since December 2020. Despite job cuts by major technology companies, the labor market has remained resilient, with employers generally reluctant to lay off workers after struggling to find labor during the COVID-19 pandemic.