Filings for U.S. unemployment benefits unexpectedly fell, dropping to the lowest since December 1969, as the labor market continues to strengthen.
Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended July 14, the lowest reading since early December 1969, the Labor Department said. Economists polled by Reuters had forecast claims rising to 220,000 in the latest week.
The second straight weekly decline in claims, however, likely reflects difficulties adjusting the data for seasonal fluctuations around this time of the year when motor vehicle manufacturers shut assembly lines for annual retooling.
The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,750 to 220,500 last week.
Delivered by The Daily Sheeple
We encourage you to share and republish our reports, analyses, breaking news and videos (Click for details).
Contributed by Sean Walton of The Daily Sheeple.