Jobless claims are running at the lowest level in nearly 45 years
by Joseph Lawler | Feb 8, 2018, 8:38 AM
New applications for unemployment insurance benefits plunged 9,000 to 221,000 to start February, the Department of Labor reported Thursday, bringing the monthly average for such claims down to the lowest level in nearly 45 years.
Forecasters had expected claims to rise slightly from 230,000 to about 235,000. Instead, they dropped to the second-lowest level of the recovery.
With Thursday's report, the four-week moving average of claims fell to 224,500, the lowest such mark since March of 1973. Then, the total workforce was only about half of what it is today, making this month's low number more impressive.
Low jobless claims are a good sign for the economy, as they suggest that layoffs are rare.
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