U.S.: 123rd straight week with unemployment claims below 300,000
Thursday's data from the Labor Department underscored labor market buoyancy and suggested that there was enough momentum in the economy to generate some inflation, even though price pressures still remain moderate.
Initial claims for state unemployment benefits dropped 3,000 to a seasonally adjusted 247,000 for the week ended July 8, the Labor Department said.
It was the 123rd straight week that claims remained below 300,000, a threshold associated with a healthy labor market.
That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. ■