New applications for unemployment benefits drifted down by 2,000 to 241,000 in the first full week of March, the Labor Department reported Thursday.
The report was right in line with forecasts for 240,000 new jobless claims, which are adjusted for seasonal variations.
Unemployment benefit claims are running extremely low: Over the past month, they have averaged 237,250, a level not seen before this month since the early 1970s, when the workforce was much smaller.
That’s a good sign for the economy: If few people are signing up for benefits at state agencies, it suggests that layoffs are relatively infrequent.
Fewer people are out of work, and openings are more plentiful. The unemployment rate was down to 4.7 percent in February, according to the Bureau of Labor Statistics. Meanwhile, the economy has continued to add over 200,000 new jobs a month, more than enough to account for population growth and keep unemployment headed down.
Just over 2 million people were receiving unemployment benefits in the beginning of March, according to Thursday’s report. Benefits are generally available for up to 26 weeks.
In contrast, over 6.5 million workers were getting benefits during the worst of the recession in 2009.
