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Initial claims for state unemployment benefits fell 7,000 to a
seasonally adjusted 255,000 for the week ended Oct. 10, the
Labor Department said on Thursday. Claims were last at this
level in July, which was the lowest since November 1973.
Claims for the prior week were revised to show 1,000 fewer
applications received than previously reported. It was the 32nd
straight week that claims remained below the 300,000 threshold,
which is normally associated with a strengthening labor market.
The low level of layoffs is in sharp contrast with the recent
cool-off in employment growth. Nonfarm payrolls growth in August
and September averaged 139,000, the weakest two-month rise since
January last year.
The slowdown is puzzling given job openings are at record highs.
Some economists say the step-down in hiring is because employers
cannot find qualified workers for the open jobs.
Economists polled by Reuters had forecast claims rising to
270,000 last week. A Labor Department analyst said there were no
special factors influencing the data.
The four-week moving average of claims, considered a better
measure of labor market trends as it irons out week-to-week
volatility, fell 2,250 to 265,000 last week, the lowest level
since December 1973.
The claims report showed the number of people still receiving
benefits after an initial week of aid fell 50,000 to 2.16
million in the week ended Oct 3.
That was the lowest reading since November 2000 and suggested
the long-term unemployed were finding jobs.
((Reporting by Lucia Mutikani; Editing by Andrea Ricci))
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