US jobless claims hold at low level

(MENAFN- AFP) New claims for US unemployment insurance benefits fell last week in a continuing signal of a tightening labor market, Labor Department data showed Thursday.

Initial jobless claims, a sign of the pace of layoffs, fell by 9,000 to 267,000 in the week ending April 2.

That marked the 57th straight week that claims have held below 300,000, the longest such streak since 1973.

The four-week moving claim average was 266,750, compared to 280,000 a year ago.

Despite slower economic growth since the fourth quarter last year, the US jobs market remains strong.

In March, the economy generated a solid 215,000 net new jobs, and while the unemployment rate ticked up slightly to 5.0 percent, more long-term labor market dropouts were being drawn back in to actively look for jobs by improving employment opportunities.