US Jobless Claims Drop to Near Historic Low

Washington, The number of people filing initial applications for US state unemployment benefits declined to near a 49-year low last week, the government reported Thursday, pointing to sustained labor-market strength that should continue to support econ...

Washington, The number of people filing initial applications for US state unemployment benefits declined to near a 49-year low last week, the government reported Thursday, pointing to sustained labor-market strength that should continue to support economic growth.

The Labor Department said jobless claims fell 8,000 to 207,000 last week. Claims had dropped to 202,000 in mid-September, which was the lowest level since November 1969, when the U.S. labor market was far smaller.

The four-week moving average of jobless claims a better gauge of labor-market trends because it smoothes weekly volatility rose 500 to 207,000 last week.

The jobless-claims report also showed the total number of people receiving state unemployment benefits fell 13,000 to 1.65 million last week. The four-week moving average of continuing claims fell 15,250 to 1.66 million.

The labor market is viewed as at or near full employment. More than 200,000 new jobs were created in August, and the unemployment rate was steady at 3.9 percent, slightly above an 18-year low reached in May.

Source: Saudi Press Agency