U.S. jobless claims hit 49-year low; labor market resilient

The number of Americans filing applications for unemployment benefits fell to a nearly half-century low last week, pointing to sustained labor market strength despite slowing economic growth.But the loss of momentum in activity has left some employers unsettled about the economy's outlook. Announced job cuts by U.S.-based companies in the first quarter were the highest since 2015, other data showed on Thursday.

Fading stimulus from a $1.5 trillion tax cut package, the United States' trade war with China, slowing global growth and uncertainty over Britain's exit from the European Union are casting a shadow over the economy, which in July will celebrate the longest expansion on record.

"We are at a point of inflection where the overall economic trend is changing," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "That would account for at least some of the volatility and contradictory nature of the data. It would also point to a slowdown not a crash."

Initial claims for state unemployment benefits declined 10,000 to a seasonally adjusted 202,000 for the week ended March 30, the lowest level since early December 1969, the Labor Department said. Economists polled by Reuters had forecast claims rising to 216,000 in the latest week. The Labor Department said only claims for California were estimated.