WASHINGTON (MarketWatch) — The number of people who applied for unemployment benefits was flat at 246,000 in the first week of October as the rate of layoffs sank to a 43-year low.
Economists polled by MarketWatch had forecast claims to total 252,000 in the week stretching from Oct. 2 to Oct. 8.
The level of new claims two weeks ago was revised down to 246,000 from 249,000 to set a new postrecession low. The current week matched that number.
Initial jobless claims have been under 270,000 for 15 straight weeks, a reassuring sign that companies are growing fast enough to keep current staffing levels. The last time claims were that low for that long was in 1973.
The less volatile four-week average of initial claims, seen as a more accurate measure of labor-market trends, dropped 3,500 to 249,250, the Labor Department said Thursday. That’s also the lowest level since 1973.
Many firms also say it’s getting harder and harder to find good help as the pool of people seeking work shrinks. The unemployment rate stood at 5% in September and remained near an eight-year low.
Last week, the government said 156,000 jobs were created in September. Economists estimate the U.S. needs to add no more than 125,000 jobs a month to keep up with the natural growth of the labor force.
Continuing jobless claims declined by 16,000 to 2.05 million in the week ended Oct. 1, the government said. These claims, reported with a one-week delay, reflect people already receiving unemployment checks. All figures are seasonally adjusted.
