U.S. filings for unemployment benefits ticked down to a four-week low, the latest sign that the job market remains robust, figures from the U.S. Labor Department showed Thursday.
Jobless claims decreased by 1,000 to 222,000 against estimates of 220,000. Continuing claims rose by 21,000 to 1.74 million in the week ended May 26 (data was reported with a one-week lag). The four-week average of initial claims, a less-volatile measure than the weekly figure, rose to 225,500 from the prior week’s 222,750.
The weekly claims figures have been gradually declining over the past year and remain near the lowest level since 1969. Employers are facing shortages of workers, prompting them to retain people for longer, pay more and offer various non-wage benefits.
Data earlier this week showed job openings exceeded the number of unemployed U.S. workers for the first time in at least 17 years. Unemployment-benefits applications below 300,000 are generally considered consistent with a healthy labour market. The unemployment rate among people eligible for benefits was unchanged at 1.2%.
