Filings for unemployment benefits have dropped to the lowest level in 42 years, falling from 276,000 to 263,000 in the week ending on Oct. 3.
The four-week average dipped to 267,500; the lowest since the first week of August. But while employers aren't exactly letting people go, weakness in the global economy is making them hesitant to hire. The number of people continuing to receive jobless benefits went up by 9,000 in the week ending Sept. 26.
Claims have remained below the 300,000 mark that economists say is consistent with strength in the job market since the beginning of March. Wages stagnated and the jobless rate has also hit a seven-year low at 5.1%. [Bloomberg]
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