Reports show that the number of Americans filing for unemployment benefits fell last week for the first time in a month, the latest indication of labour market strength that is sustaining stateside economic growth.
Figures released Thursday morning by the U.S. Labor Department revealed that initial claims for state unemployment benefits dropped 3,000 to a seasonally-adjusted 247,000 for the week ended July 8. Data for the prior week was revised to show 2,000 more applications received than previously reported.
Claims have now been below 300,000, a threshold associated with a healthy labour market, for 123 straight weeks, the longest such stretch since 1970, when the labour market was smaller. The labour market is now near full employment, with the jobless rate at 4.4%
The drop in first-time applications for jobless benefits came on the heels of data last week showing the economy created 222,000 jobs last month, the second biggest payrolls increase this year.
