US Unemployment Benefits Drop to Lowest in Over 45 Years

• US Unemployment Benefits Drop to Lowest in Over 45 Years

The number of Americans filing for unemployment benefits fell last week to the lowest in more than 45 years as the labor market continues to tighten.

The unemployment benefits dropped 2,000 to 214,000 for the weak ended October 27, the Labor Department said on Thursday. Benefits for the previous week was revised down by 1,000 to show more people filed for claims than initially reported.

A more accurate gauge of the unemployment benefits, the monthly moving average rose by 1,750 to 213,750 last week.

The US labor market remained strong after data showed the private sector added 227,000 jobs in October. Suggesting that the labor market, even at full employment, will continue to create jobs despite rising interest rates.

Therefore, tightening labor market is likely to continue to support wage growth going forward.

The US dollar gave back part of its gains for the week to trade at 1.1398 against the Euro currency.