New claims for unemployment benefits reached their lowest level in 45 years during the second week of January 2018 according to data adjusted for seasonal job considerations by the U.S. Department of Labor
First-time claims for unemployment benefits fell to a almost 45-year low last week as the labor market shows further signs of tightening this year.
Initial claims for state unemployment benefits dropped 41,000 to a seasonally adjusted 220,000 for the week ended January 13, the lowest level since February 1973, Claims for the prior week were unrevised.
Economists had forecast claims dropping to 250,000, but Ball State University economist Michael Hicks said he wasn't surprised by the sharper drop.
Jobless claims have now held below 300,000 for almost three years, the longest streak since 1972. The numbers came out one week after the department announced the total number of workers who actually receive unemployment insurance fell to the lowest level in 44 years at the end 2017.
Last week, the four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 6,250 to 244,500.
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Estimates for claims were made in California, Arkansas, Kentucky, Maine, Hawaii, Virginia and Wyoming.
The data were collected during the survey week for the closely-watched monthly jobs report, suggesting January could see continued strong job creation. The low number of jobless claims could lead to an increased number of people reentering the job search market, said DePaul University Professor of Economics Brian Phelan.
Job growth is slowing as the labor market nears full employment.
The four-week moving average of continuing claims edged up to 1,921,000, an increase of 4,000 from the previous week's revised average of 1,917,000.
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