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U.S. Jobless Claims Plunge to Lowest Weekly Tally Since 1973

U.S. filings for unemployment benefits plummeted to the lowest level in nearly 45 years in a signal the work market will tighten further in 2018, Labor Department figures showed Thursday.

Key Takeaways

The fall in claims proves that businesses are increasingly holding on amid a lack of labor. Businesses are trying to find places to fill, particularly in construction and manufacturing, as mentioned in some anecdotesWednesday s Beige Book published.

The figures suggest the unemployment rate of 4.1 percent, currently the lowest since 2000, could be poised to decrease further. The most recent week for claims includes the 12th of the month, that is the reference interval to the Labor Department’s monthly employment polls.

When data have a tendency to be volatile, caveats for the numbers incorporate the fact that the week has been sandwiched between two periods including vacations. In addition, more states than usual had amounts.

Other Details

  • Prior week’s studying was unrevised in 261,000
  • Unemployment rate among people eligible for benefits rose to 1.4 percent from 1.3 percent in previous week
  • Claims were estimated for Arkansas, California, Hawaii, Kentucky, Maine, Puerto Rico, Virginia, Wyoming
  • New York’s unadjusted claims fell by 26,190 to 23,171; California’s projected, unadjusted claims climbed by 11,994 to 59,284

    Highlights of Jobless Claims (Week Ended Jan. 13)

    • Jobless claims decreased by 41k to 220k (est. 249k); lowest level since Feb. 1973, largest fall since April 2009
    • Continuing claims rose by 76k to 1.952m in week ended Jan. 6 (data reported by one-week lag)
    • Four-week average of initial claims, a less-volatile measure than the weekly figure, fell to 244,500 from the prior week’s 250,750

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