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Financial News: U.S. Weekly Jobless Claims Unexpectedly Dip To 45-Year

U.S. Weekly Jobless Claims Unexpectedly Dip To 45-Year Low

03/29/2018 - 09:21:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended March 24th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims dipped to 215,000, a decrease of 12,000 from the previous week's revised level of 227,000.

Economists had expected jobless claims to inch up to 230,000 from the 229,000 originally reported for the previous week.

With the unexpected decrease, initial jobless claims fell to their lowest level since hitting 214,000 in January of 1973.

The less volatile four-week moving average also edged down to 224,500, a decrease of 500 from the previous week's revised average of 225,000.

The Labor Department noted claims taking procedures in Puerto Rico and in the Virgin Islands have still not returned to normal.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, rose by 35,000 to 1.871 million in the week ended March 17th.

The four-week moving average of continuing claims still fell to a 44-year low of 1,861,500, a decrease of 12,750 from the previous week's revised average of 1,874,250.

Next Friday, the Labor Department is scheduled to release its more closely watched monthly employment report for March.

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