U.S. filings for unemployment benefits unexpectedly fell for a third straight week to a new 48-year low, indicating a tight job market, Labor Department figures showed Thursday.
Jobless claims decreased by 3,000 to 201,000 (estimates were for 210,000) in the week ended Sept. 15, the lowest since November 1969, from unrevised 204,000 last week.
Continuing claims fell by 55,000 to 1.645 million in the week ended Sept. 8, the lowest since August 1973 (data reported with one-week lag). The four-week average of initial claims, a less-volatile measure than the weekly figure, dropped to 205,750, the lowest since December 1969, from 208,000.
The decline in applications suggests that the September payrolls report may show another solid gain. The claims data, covering the week containing the 12th of the month, coincide with the reference period for the Labor Department’s survey for the monthly figures. Businesses are holding on to existing staff — besides adding new employees — amid a shortage of skilled workers.
The weekly figures may experience a temporary jump in coming weeks as damage and flooding from Hurricane Florence in the Carolinas disrupt economic activity. That would follow the pattern from previous major storms, such as Harvey and Irma in 2017.
Unemployment rate among people eligible for benefits was unchanged at 1.2%. Hawaii was only state with estimated claims last week, according to the Labor Department.
