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US jobless filings fall to lowest in 8 weeks
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THE number of Americans filing new applications for unemployment benefits fell last week to the lowest level in eight weeks, suggesting the labor market continued to strengthen despite the recent tightening in financial market conditions.
While other data yesterday showed housing starts fell for a second straight month in August, they stayed above the 1-million-unit mark, which signals a housing market growing at a solid clip. In addition, building permits rose last month.
The signs of a firming economy are supportive of an interest rate hike by the Federal Reserve. But the case for higher borrowing costs has been undermined by global financial markets turmoil.
Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 264,000 for the week ended last Saturday, the Labor Department said yesterday.
That was the lowest reading since the week ended July 18, when claims hit their lowest level since 1973.
It marked the 28th straight week that claims remained below the 300,000 threshold, which is usually associated with a strengthening labor market. Economists had forecast claims holding at 275,000 last week.
The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 3,250 to 272,500 last week.
The claims data covered the period during which the government surveyed employers for the nonfarm payrolls portion of the September employment report.
Claims fell 13,000 between the August and September survey weeks, suggesting some pickup in job growth.
The economy added 173,000 jobs in August, down from July’s gain of 245,000 positions that was dismissed by economists as an aberration given that job openings are at a record high, which suggests solid labor demand in the near term.
In a second report, the Commerce Department said groundbreaking for new homes dropped 3 percent to a seasonally adjusted annual pace of 1.13 million units last month.
Despite the fall, which reflected declines in groundbreaking on single and multifamily projects, starts remained above a 1-million-unit pace for the fifth straight month.
Building permits rose 3.5 percent last month to a 1.17-million-unit pace, after falling 15.5 percent in July.
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