US Jobless Claims Drop

Washington, Ramadan 13, 1438, Jun 8, 2017, SPA — The number of people filing initial applications for U.S. state unemployment benefits declined last week, the government reported Thursday, suggesting the labor market was tightening despite a recent slowdown in job growth.
The US Labor Department said jobless claims fell 10,000 last week to 245,000, erasing half of the previous week’s jump. Claims now have been below 300,000—a level consistent with an improving labor market—for 118 consecutive weeks.
The four-week moving average of jobless claims—a better gauge of labor-market trends because it smoothes weekly volatility—rose 2,250 last week to 242,000.
Overall, nearly 1.92 million people were receiving unemployment benefits, down almost 10 percent from a year ago. The four-week average of continuing claims was 1.91 million, the lowest since 1974.
The labor market remains healthy, despite hiring slowing recently. The economy has generated 162,000 jobs a month so far this year, down from 187,000 a month in 2016, and is near full employment, with the unemployment rate at a 16-year low of 4.3 percent.
–SPA
20:19 LOCAL TIME 17:19 GMT