The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Filings for US unemployment benefits fell last week to the lowest level since 1969, signalling the labour market remains tight.
Jobless claims declined 13,000 to 199,000 in the week ended January 19, bucking economist forecasts for an increase, Labor Department figures showed. The four-week average, a less-volatile measure, decreased to 215,000, the lowest since early November.
The surprise drop indicates how reluctant employers are to fire workers. Initial filings by federal employees jumped by about 15,000 to 25,419 on an unadjusted basis in the week ended on January 12. Those figures aren’t included in the headline claims number, which reflects state unemployment-insurance programs.
Initial claims were estimated in six states last week, including California, the most populous state, and Virginia, where many federal workers live. Other estimates included Hawaii, Kansas, North Dakota and West Virginia. Continuing claims, which are reported with a one-week lag, fell by 24,000 to 1.713 million in the week ended January 12. Initial claims were the lowest since November 1969. Claims had previously reached as low as 202,000 in the past year.
The unemployment rate among people eligible for benefits held at 1.2 percent for a seventh week.
The previous week’s clai-ms were revised down to 212,000 from 213,000.