U.S. initial jobless claims come in at 213K, below forecast

U.S. initial jobless claims for the past week totaled 213,000, coming in below the forecast of 214,000. The weekly claims figure is a key indicator the Federal Reserve uses to gauge the health of the labor market when making interest rate decisions. A higher-than-expected number can signal an increase in layoffs and a cooling labor market, potentially giving the Fed a reason to cut rates. Conversely, a lower-than-expected figure suggests a robust labor market, which could justify the Fed holding or raising rates to focus on curbing inflation.