Applications for jobless benefits dropped to their lowest level in 14 years last week, an encouraging sign from the U.S. economy. (CBC)
The number of Americans seeking unemployment aid from government dropped to its lowest level since 2000 last week, the Labour Department reported Thursday.
Jobless claims fell 23,000 to a seasonally adjusted 264,000, the lowest level since April 2000. The U.S. population has grown by tens of millions of people since then, which means the proportion of would-be workers applying for benefits is even smaller.
Jobless claims are a leading indicator of people who will need to receive benefits later on, so the data point is the latest sign that the U.S. economy is gearing up and starting to expand.
"The labour market looks like it's truly improving," Scotiabank's economics team said in a note to clients after the data was released. "Payrolls are tracking at their highest monthly rate of improvement dating back to the dot-com boom (i.e. 1999). Now initial jobless claims are running at levels last seen at that time. At least from a labour market perspective, things are looking up."
Employers added 248,000 jobs last month and hiring in the previous two months was healthier than previously believed, the government said earlier this month. That helped push down the unemployment rate down to 5.9 percent, a six-year low.
The economy has added 2.64 million jobs in the past 12 months, the best annual showing since April 2006.
The strong unemployment showing comes at a time when financial markets around the world are tottering. The Dow Jones Industrial Average was down by as much as 460 points on Wednesday before recovering somewhat, to close down only 173 points.
Futures are pointing to another rough day on the stock market on Thursday.
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