Bloomberg
WASHINGTON (MarketWatch) — The number of people who applied for unemployment benefits last week fell by 3,000 to 258,000, extending a period of extremely low layoffs last seen in the early 1970s.
Economists polled by MarketWatch had forecast claims to total a seasonally adjusted 255,000 in the week stretching from Oct. 16 to Oct. 22.
Earlier this month new claims fell to a 43-year low of 246,000. Initial claims have been below the key 300,000 threshold for 86 straight weeks. The last time that happened was in 1970.
Sales have been strong enough to induce companies to hire more people this year despite a somewhat slower economy. A tighter labor market in which fewer skilled workers are available also makes firms reluctant to fire workers since they might not be able to find suitable replacements.
The less volatile four-week average of initial claims, seen as a more accurate measure of labor-market trends, rose by 1,000 to 253,000, the Labor Department said Thursday.
Continuing jobless claims declined by 15,000 to 2.04 million in the week ended Oct. 15, the government said. These claims, reported with a one-week delay, reflect people already receiving unemployment checks.
