Initial jobless claims unexpectedly fell.
Claims, which count the number of people who applied for unemployment insurance for the first time since the past week, fell to 234,000. This marks the 101st week straight of claims being below 300,000.
Economists had forecast that claims would tick up slightly to 249,000, up from the prior week’s unrevised reading of 246,000.
Moreover, the four-week moving came came in at 244,250, which is the lowest level since November 3, 1973 when it was 244,000.
Initial jobless claims are used as a real-time proxy for the pace of layoffs and the overall health of the labour market, since people usually file for benefits soon after they lose their jobs.