The number of Americans filing for unemployment benefits fell to more than a 45-year low last week, suggesting the economy south of the border remains strong despite signs of a slowdown in the first quarter.
Figures released Thursday by the U.S. Labor Department showed initial claims for state unemployment benefits dropped 12,000 to a seasonally-adjusted 215,000 for the week ended March 24, the lowest level since January 1973. Data for the prior week were revised to show 2,000 fewer claims received than previously reported.
Economists had forecast claims falling to 230,000 in the latest week. The government released 2018 seasonal factors with the report and published revisions to the seasonal factors and data going back to 2013.
The revisions did not change the theme of tightening labour market conditions. Claims for benefits have now been below the 300,000 threshold, which is associated with a strong labour market, for 158 straight weeks. That is the longest such stretch since 1970, when the labour market was much smaller.
The labour market in the States is considered to be near or at full employment. The jobless rate is at a 17-year low of 4.1%, not too far from the Federal Reserve's forecast of 3.8% by the end of this year.
