It's getting almost to the point south of the border where there are as many jobs available as folks set to fill them.
Figures put out Thursday by the U.S. Labor Department showed that the number of Americans filing for unemployment benefits fell more than expected last week, pointing to shrinking labour market slack which could allow the Federal Reserve to raise interest rates again this year despite moderate inflation growth.
The Fed on Wednesday raised interest rates for the second time this year, saying it expected economic activity to expand at a moderate pace and labour market conditions to strengthen somewhat further.
The department said initial claims for state unemployment benefits dropped 8,000 to a seasonally-adjusted 237,000 for the week ended June 10. Economists had forecast first-time applications for jobless benefits falling to 242,000 in the latest week.
Claims have now been below 300,000, a threshold associated with a healthy American labour market, for 119 straight weeks. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is near full employment, with the jobless rate at a 16-year low of 4.3%.
While monthly job growth has slowed, record high job openings suggest that is likely because companies cannot find qualified workers. The number of people still receiving benefits after an initial week of aid increased 6,000 to 1.94 million in the week ended June 3.
The number of so-called continuing claims has now been below two million for nine straight weeks, pointing to diminishing labour market slack.
