Last week's jobless claims, or he number filing first-time applications for unemployment benefits, have fallen by 13,000. It now scratches 253,000 for the week of April 9. The number of applications came in lower than the estimate for 270,000, while the prior week was revised lower by 1,000 to 266,000. According to People's Pundit Daily, a Labor Department Analyst has cited that there were no outstanding factors that impacted that week's claims. The report marks the 58th consecutive week for first-time unemployment claims to be below 300,000.
The United States Labor Department has noted that this has been the longest streak since 1973. The number of U.S. workers who applied for new unemployment benefits fell for the second straight week to match its lowest level since 1973, which is a sign of a robust labor market.
The week before, it was highlighted that first-time unemployment insurance benefits rose. The Labor Department also noted that there were no special factors that triggered that week's claims and no state was triggered "on" the Extended Benefits program. The Wall Street Journal also noted that the jobless claims have declined as the American Labor Market remains hearty.
Stephen Stanley, chief economist at Amherst Pierpont Securities, explained that "Not every element of the economy is performing as well as the labor market, but that piece of the puzzle remains rock solid."
However, the future is still uncertain. As Joshua Shapiro, chief U.S. economist at MFR, Inc., puts its, "We continue to believe that weakening corporate profit margins will take their toll on hiring later this year and then more dramatically in 2017."
While the jobless claims still holds its historic low, the Labor Department still continues to monitor the weekly progress.
