U.S. jobless claims fall to lowest level since 1969
WASHINGTON - The number of Americans filing applications for unemployment benefits fell to a nearly half-century low last week, pointing to sustained labor market strength despite slowing economic growth.
"We are at a point of inflection where the overall economic trend is changing," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania."That would account for at least some of the volatility and contradictory nature of the data. It would also point to a slowdown not a crash."
Job growth has slowed from last year's roughly 223,000 average monthly pace. The pace of increase, however, remains more than sufficient to keep up with growth in the working age population, holding down the unemployment rate. According to a Reuters survey of economists, nonfarm payrolls likely increased by 180,000 jobs last month after a meager 20,000 in February, which was also seen as pay-back after robust gains in the prior two months. The unemployment rate is forecast unchanged at 3.8 percent.
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