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Unemployment Claims at the lowest level since March 1973

Thursday, Mar 02 2017
Unemployment Claims at the lowest level since March 1973

The fewest Americans in almost 44 years filed applications to collect unemployment benefits last week, indicating the job market continues to power forward. Jobless claims fell by 19,000 to 223,000 in the week ended Feb. 25, the fewest since March 1973 and below the lowest projection in a Bloomberg survey of economists, a report from the Labor Department showed Thursday. The median forecast called for 245,000 applications.

The weekly decline, which was the largest this year, shows employers are keeping dismissals at a minimum as demand remains steady and the labor market stays tight. Federal Reserve policy makers will take persistent job growth and falling separations into consideration at their monetary policy meeting later this month. Economists’ estimates in the Bloomberg survey for initial jobless claims ranged from 230,000 to 260,000. The figure for the previous week was revised to 242,000 from an initially reported 244,000. The four-week moving average decreased to 234,250 -- the lowest since April 1973 -- from 240,500.

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