Fewer Americans seeking unemployment benefits as applications drop 5000 last

According to the Labor Department on Thursday, Dec. 24, 2015, the number of Americans seeking unemployment benefits fell the week before, reflecting a job market that continues to look persistently healthy.

Initial jobless claims, a proxy for layoffs across the US, decreased by 5,000 to a seasonally adjusted 267,000 in the week ended December 19, the Labor Department said Thursday.

Economists had expected jobless claims to edge down to 270,000 from the 271,000 originally reported for the previous week. Employers are hiring 210,000 workers a month so far this year. The less volatile 4-week average ticked up slightly to 272,500. Versus the November survey week, initial jobless claims were flat in December and continuing claims were up 40k.

Claims have been below 300,000, a threshold associated with a buoyant labour market, for 42 consecutive weeks, the longest stretch since the early 1970s.

The unemployment rate is in a range many Federal Reserve officials see as consistent with full employment.

While economies overseas are struggling to improve, domestic demand has been resilient and encouraged more companies to put out help-wanted signs.

These higher readings boosted the four-week moving average (2.211mn, previous: 2.201mn); however, the insured unemployment rate fell back to 1.6% in the latest week. It has dropped seven-tenths of a percentage point this year.