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May 04, 2018
Jobless claims running at lowest levels in 45 years
Jobless claims running at lowest levels in 45 years
Jobless claims ran at historic lows to end April, a great sign for the economy.
After hitting the lowest level since 1969 the week before, new claims for unemployment benefits rose just 2,000 to 211,000 in the last week of the month, the Department of Labor reported Thursday morning. That number was well below the 224,000 that forecasters had expected.
The past two weeks' very low readings drove the monthly average for claims down to 221,500. That's the lowest since early 1973.
Then, during Richard Nixon's presidency, the labor force was about half the size it is today.
Low new claims mean that few people are getting laid off, and consequently that net job creation is high.
Also, the total number of people claiming unemployment benefits dropped to generational lows in April. Altogether, 1.76 million people received benefits during the third week of the month, the lowest such mark in 44 years. Benefits are available for up to 26 weeks in most states.
The report is a good sign for Friday's jobs report for the month of April. Before Thursday's report on claims, investors expected a strong showing for the April jobs report, with around 190,000 new jobs.
Posted by Wild Thing at May 4, 2018 10:28 AM
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