The US Department of Labor said initial jobless claims, a measure of the number of first-time unemployment filings, came in at 267,000 for the week ended September 19. The four-week average dropped from 272,500 to 271.750. The four-week average smooths out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends.
Advertisement
Economists surveyed by The Wall Street Journal had expected 275,000 new claims last week.
Claims are staying close to historically low level due to employers retaining workers to help with sales growth. That was the fewest claims filed in a week since July 18, when the level touched a 40-year low.
The unemployment rate fell to 5.1 per cent last month.
Initial jobless claims include weekly firing and a low level of sustained applications had typically coincided with quicker job gains. Continuing claims are reported with a one-week lag.
Groupon Inc. plans to cut about 1,100 jobs and exit seven countries as part of a global restructuring that underscores the challenges the company faces in diversifying away from its origins as a daily deals site. The Fed decided against raising rates at its meeting last week, citing too-low inflation and economic turmoil overseas.
Advertisement
Since early March, claims have been below the 300,000 level that economists say is typically consistent with an improving job market.
