The latest Labor Department report released Thursday revealed U.S. jobless claims fell to nearly their lowest level since 1973. In the week of Sept. 25 to Oct. 1, 249,000 Americans filed for unemployment benefits for the first time, down 5,000 from the previous week. Economists polled by Reuters had forecast the number would rise to 257,000.
Only once in the last four decades have there been fewer filings; in April of this year, jobless claims hit 248,000, the lowest mark since 1973. Thursday's report marked the 83rd consecutive week that first-time jobless claims have remained below 300,000, which, Reuters reported, "is seen as indicative of a strong labor market."
In more good news, Thursday's report also revealed that continued jobless claims are dropping off. In the week that ended Sept. 24, continued claims fell 6,000 from the previous week to 2.06 million, the lowest level since 2000.
The promising unemployment numbers arrived just a day ahead of the September jobs report, due out Friday. The economists polled by Reuters predicted the unemployment rate would hold steady; as Reuters explained, "job growth has been slowing, but is still well above the threshold needed to absorb new entrants into the labor market." Becca Stanek