The fewest Americans since 1973 file for unemployment benefits
The fewest Americans since 1973 filed for unemployment benefits last week, a sign that the US labour market is getting tighter. Jobless claims dropped by 19,000 to 235,000 in the week ended November 12, which included the Veterans Day holiday, a Labour Department report showed Thursday in Washington. The median estimate in a Bloomberg survey called for 257,000. Continuing claims fell below 2-million to a 16-year low. The biggest drop in initial claims since June suggests employers are loath to fire workers as the economy continues its modest expansion and the number of experienced applicants available for hiring remains limited. Filings for unemployment benefits have stayed below 300,000 for 89 straight weeks – the longest streak since 1970 and a level typical for a healthy labour market. Estimates in the Bloomberg survey ranged from 245,000 to 275,000. The prior week’s reading was unrevised at 254,000. The four-week average of claims, a less-volatile measure than the weekly figure,...
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