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U.S. jobless claims steady

Staff Writer |
The number of Americans filing for unemployment benefits was unchanged last week and the underlying trend remained consistent with a tightening labor market.

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U.S. workers filed 245,000 initial claims for state unemployment benefits during the week that ended December 23, according to seasonally adjusted figures published by the Labor Department. Data for the prior week was unrevised.

Since mid-October, claims have been confined to a range of 223,000 to 252,000.

Last week marked the 147th straight week that claims remained below the 300,000 threshold, which is associated with a strong labor market. That is the longest such stretch since 1970, when the labor market was smaller.

The labor market is widely seen as near full employment, with the jobless rate at a 17-year low of 4.1 percent. Labor market tightness and a strengthening economy encouraged the Federal Reserve to increase interest rates earlier this month for a third time this year. The U.S. central bank has forecast three rate hikes for 2018.

The economy added 228,000 jobs in November, well above the roughly 100,000 jobs per month needed to keep up with growth in the working-age population.

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