New claims for unemployment insurance fell 3,000 to 218,000 in the second full week of June, the Department of Labor reported Thursday.
Forecasters had expected 220,000 new jobless claims — an extremely low level, but up 2,000 from the week before.
[Also read: US unemployment rate ties lowest level in nearly 50 years]
Low jobless claims are a good sign. They suggest that layoffs are infrequent, and accordingly that job creation is high.
Over the most recent month, the average total number of people receiving benefits, available for up to 26 weeks in most states, has fallen to the lowest level in over 44 years. Altogether, 1,722,500 people got benefits in the average week.
“Today, most Americans who want jobs can find them,” Federal Reserve Chairman Jerome Powell said Wednesday.
The nationwide unemployment rate, at 3.8 percent, is already as low as it has been since 1969. Thursday’s jobless claims numbers would suggest that it is going to go even lower in the months ahead.
[Also read: Applications for disability benefits plummet, extending life expectancy of program]
