Jobless Claims in U.S. Hold at Lowest Level Since Mid-April
Source: Bloomberg
July 14, 2016 — 8:30 AM EDT Updated on July 14, 2016 — 9:38 AM EDT
The number of applications for U.S. unemployment benefits last week held at the lowest level since mid-April, further evidence of a strong labor market.
Jobless claims were unchanged at 254,000 in the week ended July 9, according to a Labor Department report released Thursday. The median estimate in a Bloomberg survey called for filings to increase to 265,000. In April, applications dropped to a four-decade low of 248,000.
Companies having trouble finding qualified and skilled workers are hesitant to dismiss employees as demand shows signs of picking up after a weak start to the year. Weekly claims have been below 300,000 for 71 straight weeks, the longest period since 1973 and consistent with robust employment conditions.
“The U.S. economy is doing fine,” said Thomas Costerg, a senior U.S. economist at Standard Chartered Bank in New York. Still, “it’s difficult to go down further in jobless claims. We may have reached the bottom.”
Read more: http://www.bloomberg.com/news/articles/2016-07-14/jobless-claims-in-u-s-hold-at-lowest-level-since-mid-april