US initial jobless claims fall to near 4-decade lows for second consecutive week

The United States’ initial jobless claims fell for the second straight week in a row, to near four-decade lows, highlighting strength in the jobs market, for the week ended August 6, government data released showed Thursday.

US Jobless claims fell by 1,000 to 266,000 in the week ended August 6, from a revised 267,000 in the prior period, data released by the Labor Department showed Thursday. The median estimate in a Bloomberg survey of economists was for 265,000, with projections ranging from 260,000 to 275,000.

Filings have been below 300,000 for 75 straight weeks, the longest stretch since 1970. The Labor Department revised the prior week’s reading to 267,000 from an initially reported 269,000. Further, the number of people continuing to receive jobless benefits rose by 14,000 to 2.16 million in the week ended July 30. The unemployment rate among people eligible for benefits held at 1.6 percent, data being reported with a one-week lag.

Moreover, another set of data released by the Labor Department last week showed payroll gains were robust in July for a second straight month. The jobless rate held at 4.9 percent as many of the people streaming into the labor force found jobs.

Meanwhile, the Job Openings and Labor Turnover Survey also showed a 110,000 increase in the number of positions waiting to be filled, while layoffs dropped in June to 1.64 million, the fewest since September 2014.