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- Initial jobless claims fell to their lowest level in 50 years last week.
- The number of Americans who applied for unemployment benefits dropped by 8,000 to 196,000 in the week that ended April 6.
- Thursday’s results offer the latest sign that the labor market hasn’t run out of steam against a backdrop of slowing economic growth.
The number of Americans applying for unemployment benefits fell more than expected last week, hitting the lowest level in nearly 50 years.
The Labor Department said Thursday that initial jobless claims fell by 8,000 to a seasonally-adjusted 196,000 in the week that ended April 6, the fewest since December 1969. Economists polled by Reuters had expected 211,000 claims.
After the US created far fewer jobs than expected in February, Thursday’s results offer the latest sign that the labor market hasn’t run out of steam against a backdrop of slowing economic growth.
In March, hiring rebounded but wage gains cooled. Nonfarm payrolls have increased by a solid 180,000 on average over the past three months.
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Source: Business Insider – gheeb@businessinsider.com (Gina Heeb)