Folks south of the border filing for unemployment benefits fell in number last week as the labour market stateside continued to tighten.
Figures released by the U.S. Labor Department reported initial claims for state unemployment benefits declined 4,000 to a seasonally-adjusted 254,000 for the week ended Dec. 10. Claims for the prior week were unrevised.
It was the 93rd straight week that claims were below 300,000, a threshold associated with a healthy labour market, and the longest stretch since 1970, when the labour market was much smaller. The U.S. labour market is viewed as being at or near full employment.
The Federal Reserve on Wednesday raised its benchmark overnight interest rate by 25 basis points to a range of 0.5% to 0.75% in a nod to tightening labour market conditions. The U.S. central bank, which forecast three rate hikes in 2017, said it expected that "the job conditions will strengthen somewhat further."
Economists had forecast first-time applications for jobless benefits falling to 255,000 in the latest week. Claims hit a 43-year low of 233,000 in mid-November before rising to a five-month high of 268,000 two weeks later.
