US initial jobless claims total 202,000, below forecast

U.S. initial jobless claims for last week totaled 202,000, coming in below the forecast of 212,000. This weekly figure is a key labor market indicator for the Federal Reserve's interest rate decisions. A higher-than-expected number signals a cooling job market as companies increase layoffs, potentially providing a reason for the Fed 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.