jobless claims

JOBLESS CLAIMS HOLD BELOW 300,000 LONGEST ON RECORD SINCE 1967

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Job seekers hold lists of employers while waiting in line outside the TechFair LA career fair in Los Angeles.

 

WASHINGTON—The number of Americans claiming new unemployment benefits has never been so low for so long.

Initial jobless claims, a proxy for layoffs across the U.S., decreased by 9,000 to a seasonally adjusted 233,000 in the week ended April 7, the Labor Department said Thursday. This means claims have now held below 300,000 for 162 consecutive weeks, cementing the longest streak for weekly records dating back to 1967.

The current streak eclipsed the previous longest stretch that ended in April 1970.

Economists surveyed by The Wall Street Journal expected 230,000 new claims last week.

The consistently low claims levels point to labor market health because they mean relatively few Americans are losing their jobs and applying for benefits to tide them over until they can find new employment.

After several years of consistent job growth, firms are reluctant to let employees go in a tightening labor market in which many available workers are quickly snapped up.

 

 

Read more: https://www.wsj.com/articles/u-s-weekly-jobless-claims-hold-below-300-000-for-longest-streak-on-record-1523536549

 

 

JOBLESS CLAIMS HIT LOWEST LEVEL SINCE 1969

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immigration

 

Economists had been expecting 226,000 new jobless claims, a rise over the previous week. Instead, claims unexpectedly fell by 10,000 to 210,000 in the week ending on February 24.

The more stable four week moving average of claims also declined, dropping by 5,000 to 220,500. That is also the lowest level in 49 years.

Slightly more people were added to the unemployment rolls than came off them, pushing the number of continuing claims up by 57,000 to 1.93 million.

 

Read more: Winning: Jobless Claims Lowest Level Since 1969