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Washington - Filings for US unemployment benefits last week fell to the lowest since early May, reflecting growing demand for workers in a tight job market, Labour Department figures showed on Thursday.
Highlights of jobless claims (Week ended July 15)
• Jobless claims decreased by 15k to 233k (forecast was 245k); level in February was lowest since early 1970s
• Continuing claims increased by 28k to 1.98m in week ended July 8 (data reported with one-week lag)
• Four-week average of initial claims, a less-volatile measure than the weekly figure, fell to 243.8k from 246k in prior week
Key takeaways
Filings fell close to the lowest level since 1973, which shows that employers in the US are hesitant to fire workers as finding qualified applicants becomes increasingly difficult.
Analysts may pay particular attention to Thursday’ report because it covers the same week when the Labour Department conducts surveys for its monthly employment report, which is due out on August 4.
Other details
• Prior week’s reading was revised to 248 000 from 247 000
• Unemployment rate among people eligible for benefits was unchanged at 1.4%
• No states estimated claims last week.
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