US jobless claims fall to near 50-year low
By Michele Maatouk
Date: Thursday 11 Apr 2019
(Sharecast News) - The number of Americans filing for unemployment benefits unexpectedly fell last week, to a near 50-year low, according to data from the Labor Department.
US initial jobless claims declined by 8,000 from the previous week's revised level to 196,000, beating expectations for an increase to 211,000 and marking the lowest level since 4 October 1969. The previous week's level was revised up by 2,000 to 204,000.
Meanwhile, the four-week moving average came in at 207,000, down 7,000 from the previous week's average, which was revised up by 500. This was the lowest level for this average since 6 December 1969.
The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.
Continuing claims - i.e. the number of people already collecting unemployment benefits - fell to 1.713 million from a revised 1.726m the week before. The previous week's level was revised up by 9,000.
The four-week moving average declined by 11,000 to 1.734m from the previous week's average, which was revised up by 2,250.
Barclays said the data continues to point to healthy labour market conditions and extraordinarily low rates of job separation.
"The reading of 196k represents a recovery-level low and the lowest reading on initial jobless claims since the late 1960s. However, when taken as a share of employment, initial jobless claims have been at all-time lows for several years and reflect unusually low rates of job separations (total payroll employment in private industry was about 56m in 1968 and stands at 128m presently)."
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