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The number of Americans who applied for unemployment benefits dropped to its lowest level in 49 years last week, suggesting a sustained strength of the labor market, which should continue to support economic growth.
The labor market, considered close or full employment, regularly stimulates wage growth, which could help support consumer spending as the $ 1.5 trillion reduction in the Trump administration dissipate. Initial claims for state unemployment benefits fell from 8,000 to 207,000 seasonally adjusted for the week ended Sept. 29, the Labor Department said Thursday.
Data from the previous week have been revised to indicate 1,000 more requests received compared to previous reports. The number of claims fell to 202,000 during the week ended September 15th, which was the lowest level since November 1969.
Economists polled by Reuters had predicted fewer than 213,000 requests last week. The Ministry of Labor said the North Carolina and South Carolina claims were affected by Hurricane Florence, which hit the area in mid-September.
The four-week moving average of initial claims, considered a better measure of labor market trends, as it avoids week-to-week volatility, increased from 500 to 207,000 last week.
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