U.S. Jobless Claims Fall As Claims Hit 28 Year Low
  [Thursday, May 18, 2017 6:05:00 AM]
Reuters
New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans receiving unemployment aid hit a 28-1/2-year low.

Initial claims for state unemployment benefits decreased 4,000 to a seasonally adjusted 232,000 for the week ended May 13, the Labor Department said on Thursday. That pushed claims close to levels last seen in 1973.

Data for the prior week was unrevised and claims have now decreased for three consecutive weeks. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 240,000.

Claims have now been below 300,000, a threshold associated with a healthy labor market, for 115 straight weeks. That is the longest such stretch since 1970 when the labor market was smaller. The labor market is close to full employment, with the unemployment rate at a 10-year low of 4.4 percent.

A Labor Department official said there were no special factors influencing last week's data and only claims for Louisiana had been estimated.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,750 to 240,750 last week, the lowest level since February.

Last week's claims data covered the survey week for May's nonfarm payrolls. The four-week average of claims fell 2,000 between the April and May survey periods suggesting further job gains this month. The economy created 211,000 jobs in April after adding only 79,000 positions in March.

Labor market strength and tightening could allow the Federal Reserve to raise interest rates next month.

Sources: (
Reuters, CNBC
)
As the Lord leads, please pray:
• For increased improvement in the American economy
• For the Trump administration as they work on employment and jobs issues
• That those unemployed and underemployed in America will find work
CONTACT INFORMATION
Phone:(Toll Free) 866-433-PRAY or 866-433-7729 (Press 1 for Member Services)
Fax: 480-347-2691
Mail Address: The Presidential Prayer Team,PO Box 4140, Scottsdale, AZ 85261
Email Address: Info@PresidentialPrayerTeam.org
© Copyright 2001-2017, The Presidential Prayer Team, Inc. All rights reserved.
The Presidential Prayer Team name and seal are trademarks of The Presidential Prayer Team, Inc.

Prayer Watch Settings