First-time claims for unemployment benefits fell further last week as the number of newly-jobless Americans seeking aid remained near prerecession levels, the Labor Department said Thursday. That’s a good sign for the job market and the declining trend may signal improving hiring conditions. The Labor Department will issue its September employment report on Friday.
Seasonally adjusted initial claims for jobless benefits in the week ending Saturday were 287,000, down from the previous week’s revised total of 295,000, Labor reported. The closely-watched four-week moving average, which smooths out weekly volatility, held below 300,000 for the third straight week. That marks the longest interval under that level since 2006.
The four-week average of 294,750 was down 4,250 from the previous week’s revised average of 299,000. The U.S. labor market may have hit another healthy benchmark last month as well, according to the government’s report. Its preliminary estimate of the total number of Americans receiving unemployment benefits fell to a seasonally adjusted 2,398,000 in the week ended Sept. 20 — the lowest figure since June 2006.
Economists predict the Labor Department on Friday will report employers added 215,000 jobs in September while the unemployment rate held steady at 6.1%, according to the median forecasts in Action Economics’ survey.