Americans filing for unemployment benefits unexpectedly fell in number last week, a number that scraped its lowest level in more than 48 1/2 years, as the labour market stateside continues to strengthen.
Figures released Thursday by the U.S. Labor Department showed initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended July 14, the lowest reading since early December 1969. Claims data for the prior week was revised to show 1,000 more applications received than previously reported.
Economists had forecast claims rising to 220,000 in the latest week.
The second straight weekly decline in claims, however, likely reflects difficulties adjusting the data for seasonal fluctuations around this time of the year when motor vehicle manufacturers shut assembly lines for annual retooling
The more telling four-week moving average of initial claims, which irons out week-to-week volatility, fell 2,750 to 220,500 last week.
