Jobless claims once again are running at the lowest levels in 44 years, another sign of labor market strength as President Trump begins his tenure.
New claims for unemployment benefits plunged to an ultra-low 234,000 in the first week of February, the Department of Labor reported Thursday, well below the 250,000 expected by forecasters.
The drop pushed the monthly average for claims down to 244,250, the lowest such mark since Nov. 3, 1973.
A low number of jobless claims is a good sign for the economy under President Trump. If fewer people are claiming benefits at state unemployment agencies, that suggests that layoffs are infrequent and job growth is relatively strong.
Thursday’s report comes on the heels of an encouraging monthly jobs report released on Friday for February. The report showed strong job creation, with the economy adding 227,000 new payroll jobs in the month. Labor force participation also rose, lifting the unemployment rate slightly but also suggesting that the recovery still has the potential to draw people back into the workforce.
