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Financial News: U.S. Weekly Jobless Claims Drop To Nearly 45-Year

U.S. Weekly Jobless Claims Drop To Nearly 45-Year Low

01/18/2018 - 09:35:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits pulled back to their lowest level in nearly 45 years in the week ended January 13th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims fell to 220,000, a decrease of 41,000 from the previous week's unrevised level of 261,000. Economists had expected jobless claims to dip to 250,000.

With the bigger than expected decrease, jobless claims dropped to their lowest level since hitting 218,000 in February of 1973.

The less volatile four-week moving average also slid to 244,500, a decrease of 6,250 from the previous week's unrevised average of 250,750.

The Labor Department noted claims taking procedures continue to be disrupted in the Virgin Islands, while the claims taking process in Puerto Rico has still not returned to normal.

The report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, climbed by 76,000 to 1.952 million in the week ended January 6th.

The four-week moving average of continuing claims edged up to 1,921,000, an increase of 4,000 from the previous week's revised average of 1,917,000.

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