Jobless Claims Drop To Lowest Level In 42 Years
In an early Christmas present for the economy, the jobless claims report dropped to 267,000 for the week ended Dec. 19, the Labor Department said this morning, keeping claims near the lowest level in 42 years.
Economists had expected claims to total 270,000, MarketWatch reported.
Claims have remained below the 300,000 mark—the threshold associated with a robust job market—for 42 consecutive weeks, the longest stretch since the early '70s.
The four-week moving average of claims rose 1,750 to 272,500 last week (a 15-year low and well below the 300,000 sweet spot), a result of low layoffs and steady hiring.
Meanwhile, the unemployment rate's dropped seven-tenths of a percentage point for the year, keeping it in a range the Fed sees as full employment. [MW]