U.S. Weekly Jobless Claims Hits New 50-Year Low
(Kitco News) - For the third week in a row U.S. jobless claims fell to their lowest level in 50 years, further below 200,000 claims and demonstrating persistent strength within the labor market.
Initial weekly U.S. jobless claims fell by 5,000 to a seasonally adjusted 192,000 in the week to Saturday, the Labor Department reported Thursday.
“This is the lowest level for initial claims since September 6, 1969 when it was 182,000,” the report said.
The data was better than expected with sonsensus expectations compiled by various news organizations had called for initial claims to be around 207,000. The previous week’s report was revised up by 1,000 claims to 197,000
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 – dropped by 6,000 claims to 201,250.
“This is the lowest level for this average since November 1, 1969 when it was 200,500,” the report said.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, dropped by 63,000 to a seasonally adjusted 1.653 million during the week ending April 6 the government said.