Americans drawing unemployment benefits increased last week, but the level remains one that underscores the strength of a jobs market whose biggest problem is a growing shortage of qualified workers.
Figures released by the U.S. Labor Department showed initial jobless claims rose by 3,000 to 241,000 in the seven days stretching to June 17. Economists had forecast a 240,000-unit reading.
Initial claims count people who apply for benefits after losing their jobs. New applications for benefits have registered fewer than 300,000 for 120 straight weeks, the longest streak since the early 1970s.
The more accurate four-week average of new claims, meanwhile, edged up by 1,500 to 244,750. In May, the monthly average fell to a 44-year low.
The number of people already collecting unemployment cheques — 1.94 million — totaled less than two million for the 10th straight week. The last time so-called continuing claims were consistently under two million was in 1973.
The strong labour market south of the border is a reflection of a steadily growing economy that’s still quite sturdy after eight years of expansion. The ongoing expansion is now the third longest since World War II.
