New US claims for jobless benefits continued to fall at the start of February, hitting its lowest level in three months, the Labor Department reported on February 9, 2017.The result confirmed the improving health of the US labor market and followed resurgent job creation in January./ AFP PHOTO /
WASHINGTON, United States (AFP) — New US claims for jobless benefits continued to fall at the start of February, hitting its lowest level in three months, the Labor Department reported Thursday.
The result confirmed the improving health of the US labor market and followed resurgent job creation in January.
In the week ending February 4, there were 234,000 new claims for unemployment insurance, seasonally adjusted, marking 101 weeks below 300,000 and the lowest point since November 12.
The level was 12,000 below the prior week and 16,000 fewer than a consensus forecast.
The less volatile four-week moving average hit its lowest point since November 3, 1973, falling 3,750 to 244,250.
New claims for jobless benefits can be used to gauge the prevalence of layoffs in the US economy and the overall health of labor markets.
Analysts say the low level of layoffs suggest employers face difficulty filling new positions and fear being unable to replace the people they let go. That makes them more willing to ride out periods of low demand without resorting to layoffs.
The health of the labor market is a key factor for the US central bank which last month left interest rates unchanged. The Federal Reserve raised they benchmark interest rate in December for the first time in a year, a move prompted by robust job creation and the belief that the economy was at or nearing full employment.
© Agence France-Presse