Weekly Jobless Claims in US Lows Not Seen Since 1969
Economists surveyed by The Wall Street Journal had expected 225,000 new claims last week.
"Initial U.S. jobless claims fell by 10,000 to 210,000 in the seven days ended February 24".
Labor Department statistics Thursday showed that weekly unemployment filings dropped to a near 50-year low last week.
Experts say the falling claims indicates companies are having trouble finding skilled employees to replace workers.
The four-week moving average of initial claims, viewed as a better measure of labor market trends as it irons out week-to-week volatility, fell 5,000 to 220,500 last week, also the lowest level since December 1969. New claims haven't been this low in nearly 50 years.
Overall, the employment picture remains solid, with payrolls continuing to increase and the unemployment rate at the lowest since late 2000.
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The claims report also showed the number of people receiving benefits after an initial week of aid increased 57,000 to 1.93 million in the week ended February 17.
Raises could rise even faster, to be sure.
Claims offer the most real-time look into the labor market, since many people file for benefits soon after they lose their jobs.
Ian Shepherdson, chief USA economist at Pantheon Macroeconomics, said that last week's drop was "startling" and the downward trend was "reaching levels that no one imagined could be sustained".
Market reaction: The Dow Jones Industrial Average opened lower in Thursday trades. The Federal Reserve is on track to raise the cost of borrowing in March and it could become more aggressive if inflation accelerates.
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