In a surprisingly good piece of economic news, The US Labor Department just announced that first-time claims for U.S. unemployment benefits fell to their lowest level in over forty years last week.
The report stated that the total number of jobless claims fell to 255,000 – the lowest level since 1973 when the total number during a week in November was 233,000.
Continuing claims (people receiving ongoing unemployment assistance), also fell to 2,253,750, a decrease of 10,500 from the previous week’s number of 2,264,250.
Earlier this month, the Labor Department released a separate report showing that non-farm payroll employment increased by 223,000 jobs in June, modestly below the addition of 230,000 jobs anticipated by economists.
The report also showed the unemployment rate fell to 5.3 percent in June from 5.5 percent in May. Economists had expected the unemployment rate to dip to 5.4 percent.