America's jobs market just did something it hasn't done since 1969
Charles Tasnadi/AP
Initial jobless claims fell last week to a 48-year low.
First-time filings for unemployment benefits totaled 210,000, a decrease of 10,000 from the prior week, data from the Department of Labor showed on Thursday. This was well below economists' forecast for 225,000 claims, according to Bloomberg.
The weekly jobless claims data offer the most real-time look into the labor market, since many people file for unemployment benefits not long after they lose their jobs.
This is the kind of jobs market that's likely to encourage the Federal Reserve to continue raising borrowing costs. It's expected to do so three times this year.
"We've seen continuing strength in the labor market - we've seen some data that in my case will add some confidence to my view that inflation is moving up to target," said Jerome Powell, chairman of the Federal Reserve, in testimony before the House Financial Services Committee on Tuesday.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Markets snap five-day rally, Sensex tumbles over 600 pts
- Southern India faces water crisis as reservoir levels plunge to just 17% capacity: CWC
- Indian heart beats inside Pakistani woman, 19-year-old from Karachi undergoes heart transplant in Chennai
- Rupee falls 7 paise to settle at 83.35 against US dollar
- Vegetable prices to remain high until June due to above-normal temperature