Jobless Claims Remain at Historic Lows, Indicating Strong Labor Market

The Labor Department said Thursday first-time jobless claims fell 5,000 for the week ending October 28 to a seasonally adjusted 229,000, lower than the median forecast.

The 4-week moving average fell significantly by 7,250 to 232,500 from the previous week’s revised average, the lowest it’s been since April 7, 1973.

The advance seasonally adjusted insured unemployment rate was 1.3% for the week ending October 21, a decline of 0.1% after the previous week was revised up by 0.1 from 1.3 to 1.4%. Lagging continuing claims were 1,884,000, a decrease of 15,000 from the previous week’s revised level and the lowest level for insured unemployment since December 29, 1973 when it was 1,805,000.

No state was triggered “on” the Extended Benefits program during the week ending October 14.

The highest insured unemployment rates in the week ending October 14 were in Puerto Rico (3.1), Alaska (2.6), New Jersey (2.0), California (1.8), Connecticut (1.8), Pennsylvania (1.7), the District of Columbia (1.5), Illinois (1.5), Massachusetts (1.5), Nevada (1.5), and the Virgin Islands (1.5).

The largest increases in initial claims for the week ending October 21 were in Puerto Rico (+1,489), New York (+1,111), Pennsylvania (+1,020), Georgia (+975), and California (+894), while the largest decreases were in Florida (-1,202), Tennessee (-539), the Virgin Islands (-399), Minnesota (-246), and Utah (-199).