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The number of Americans filing for unemployment benefits dropped to a near 45-year low last week, pointing to strong job growth in February and strong momentum in the economy.
Initial claims for state jobless benefits fell 7,000 to a seasonally adjusted 222,000 for the week ended February 17, the Labor Department said. The underlying trend in claims indicated job growth in February.
Claims for the previous week were revised to show 1,000 fewer applications received than previously reported. Claims dropped to 216,000 in mid-January, which was the lowest level since January 1973.
The economy's brightening prospects were also highlighted by separate data showing a gauge of future economic activity rising for a fourth consecutive month in January. Labor market strength should continue to support consumer spending, despite a decline in retail sales in January.
The labor market is near full employment, with the unemployment rate at a 17-year low of 4.1 percent. Tightening labor market conditions are starting to pull up wage growth, which could help to lift inflation toward the Federal Reserve 2 percent target.
Minutes of the U.S. central bank's Jan. 30-31 policy meeting recently showed policymakers are confident in their assessment of the economy and a number “judged that the continued tightening in labor markets was likely to translate into faster wage increases at some point.”
