Jobless Claims Hold Near 45 Year Low Mark

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Jobless claims fell unexpectedly last week, with the monthly average posting a 45-year low, another sign of the labor market’s steady tightening.

The number of workers filing for unemployment benefits dropped 9,000 to a seasonally adjusted 221,000 for the week ended Feb. 3, the Labor Department said on Thursday.

The monthly average, which is a less volatile measure of where the labor market is heading, dropped 10,000, to 224,500, the lowest level since March 1973, when it was 222,000.

Claims have remained below 300,000, which signals a healthy labor market, for 153 weeks.

Unemployment, which at 4.1 percent is a 17-year low, is expected to drop into the mid-3 percent range this year.

In January, employers added a robust 200,000 jobs and wages finally rose for workers, which raised inflation fears across the stock markets.

 

read more at thehill.com

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About Chuck Berry

Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!