New applications for U.S. unemployment benefits fell last week, indicating that the labor market remained calm in March. Initial claims for state unemployment benefits dropped 9,000 to a seasonally ‘adjusted 202,000 for the week ended March 28. Economists had predicted a total of 212,000 claims. This is consistent with a "low hire, low fire" labor market, attributed to President Donald Trump's aggressive import tariffs. Private nonfarm payrolls have averaged growth of only 18,000 jobs per month in the three months through February. However, some economists have warned that a prolonged war in the Middle East could pose a downside risk. The Bureau of Labor Statistics will release March's employment report on Friday.