Jobless claims drop to lowest level in 44 years
by Joseph Lawler | Oct 19, 2017, 8:31 AM
New claims for unemployment benefits dropped to 222,000 in the second week of October, the Department of Labor reported Thursday, the lowest level in 44 years, as the economy continued to shake off the damage caused by hurricanes that struck the Southeast.
Forecasters had expected new jobless claims to decline from the surprising low 243,000 the week before to around 240,000.
Low jobless claims are a good sign. They suggest that layoffs are infrequent and accordingly that net job growth is strong. Because the claims numbers are aggregated from state unemployment agencies weekly, they are valued by investors and government official as a high-frequency gauge of the economy's health.
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