Economy

U.S. jobless claims drop to near 45-year low

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The number of Americans filing for unemployment benefits unexpectedly fell last week, dropping to its lowest level in nearly 45 years as the labor market tightened further, bolstering expectations of faster wage growth this year.

The second straight weekly decline in claims reported by the Labor Department on Thursday also pointed to strong job growth momentum, which could further drive the unemployment rate lower.

“The extremely low level of claims is a sign of tightness in the labor market and suggests that February is shaping up to be another solid month for job creation,” said John Ryding, chief economist at RDQ Economics in New York.

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Categories: Economy