The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting its lowest level since 1973, suggesting the labor market continued to gain momentum despite weak economic growth.
Initial claims for state unemployment benefits declined 6,000 to a seasonally adjusted 247,000 for the week ended April 16, the lowest reading since November 1973, the Labor Department said on Thursday.*
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Jobless claims have now been below 300,000, a threshold associated with healthy labor market conditions, for 59 weeks, the longest stretch since 1973.*
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The economy has been constrained by a strong dollar and weak global demand, which have undermined exports. Lower oil prices are also a drag, as they have eroded the profits of energy firms and prompted them to slash spending on capital projects.*
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The four-week average of the so-called continuing claims decreased 10,750 to 2.17 million, also the lowest reading since November 2000.*
I guess I won't give a weekly blow by blow of the jobs picture, but will tune in now and then.
* http://www.cnbc.com/2016/04/21/us-weekly-jobless-claims-april-16-2016.html
http://stopcontinentaldrift.blogspot.com/2016/04/unemployment-filings-lowest-since-1973.html
** http://stopcontinentaldrift.blogspot.com/2016/04/job-winners-and-losers.html
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