Jobless Claims Fall to 197,000 in Best Year Since 1969

Fewer Americans applied for unemployment benefits last week, continuing the best year for job security in nearly sixty years.

The Labor Department said Thursday that new applications for unemployment benefits dipped to 197,000, down from 198,000 in the prior week. (The prior week’s claim was revised up by 1,000.)

The four-week moving average of claims fell to 200,000, an extraordinary low level by historical standards, down from 202,500 in the prior week.

So far this year, jobless claims have averaged just under 210,000. This is the lowest average for the January through September period since 1969. From 1970 until this year, there was never a January through September period in which claims were this low.

The government reports continuing claims as well as initial claims. For the week ended September 19, these fell by 11,000 to 1,701,000, the lowest in three years. The previous week’s level was revised down by 7,000 to 1,712,000. The 4-week moving average was 1,723,750, a decrease of 18,500 from the previous week’s revised average.