Filings for U.S. jobless benefits near lowest since 1970s

OPERATIONS INSIDE a manufacturing facility in New Holland in Pennsylvania. Filings for U.S. unemployment benefits fell to near the lowest level since the 1970s, a Labor Department report showed Thursday. / BLOOMBERG NEWS PHOTO
OPERATIONS INSIDE a manufacturing facility in New Holland in Pennsylvania. Filings for U.S. unemployment benefits fell to near the lowest level since the 1970s, a Labor Department report showed Thursday. / BLOOMBERG NEWS PHOTO

WASHINGTON – Filings for U.S. unemployment benefits fell to near the lowest level since the 1970s, consistent with a still-improving labor market, a Labor Department report showed Thursday.

Key points
Jobless claims declined by 15,000 to 234,000 (forecast was 252,000) in the week that ended Jan. 14. The previous week’s claims were revised to 249,000 from 247,000. Continuing claims dropped by 47,000 to 2.05 million in the week that ended Jan. 7. The unemployment rate among people eligible for benefits, also reported with a one-week lag, was unchanged at 1.5 percent.

Big picture
Workers, especially those with experience, are become harder to find as the labor market tightens, making employers reluctant to fire staff members amid steady economic growth. Jobless claims have remained below 300,000 for 98 consecutive weeks, the longest streak since 1970 and a threshold economists say is indicative of a healthy labor market.

The details
The four-week average of initial claims, a less-volatile measure than the weekly figure, declined to 246,750, the lowest since 1973, from 257,000 in the prior week.

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