U.S. Jobless Claims Fall To Lowest Level Since 1969
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Initial weekly U.S. jobless claims fell by 24,000 to a seasonally adjusted 209,000 in the week to Saturday, the Labor Department reported. This was the lowest level since December 1969.
Consensus forecasts compiled by various news organizations had called for initial claims to be around 230,000. The government revised the prior week’s tally to 233,000 from the previously reported 232,000.
Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was down by 2,250 claims to 229,250.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 29,000 to a seasonally adjusted 1,837,000 during the week ending April 14, the government said. The four-week moving average fell by 9,750 to 1,849,750.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.