Jobless Claims Hit 6-Month Low, Manufacturing So-So

Angelo Anderson
August 17, 2017

Last week, the fall has been seen in number of Americans entering for unemployment benefits to a six-month low.

The number of Americans who sought unemployment benefits in mid-August fell to the lowest level in six months, mirroring the strongest US labor market in nearly two decades.

"The trend is still extraordinarily low, signaling that firms are very reluctant to let people go, presumably because it is so hard to find replacements", said Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a note to clients.

The less volatile four-week moving average fell by 500 claims to 240,500, its lowest level since May.

For the week ending August 12, new claims for unemployment insurance fell by 12,000 from the prior week to a seasonally adjusted 232,000, the lowest level since February. The last time claims were as low was in 1973.

Weekly claims have been below 300,000 for 128 weeks, or almost two and a half years, the longest such streak recorded since 1970.

Payrolls have increased by 209,000 jobs in the month of July and this year, the economy has added 1.29 million jobs, due to which the unemployment rate has fallen five-tenths of a percentage point.

USA futures markets pointed to a lower opening for the Dow Jones Industrial Average.

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