US Jobless Benefit Claims 42-year Low With Strong Labor Market

Jobs market is further improving as the number of Americans claiming for unemployment benefits has dropped to very low last week, nearing a 42-year-low.

The initial claims dropped 5,000 to a seasonally adjusted 267,000 for the week ended December 19, revealed Labor Department. Such low was last seen in late 1973.

The Labor Department further adds the total claims this year has been half as many claims as were made in the year 2009. The economy is expanding at a stronger clip.

With this the greatest concern is not who recently lost their jobs, but it is for those who are stuck in low-paying and part-time jobs.

However, those who are jobless are confident will find new jobs and those who are into part-time jobs too are confident to get hired for full-time jobs.

The benefits typically expire in about 26 weeks or less, depending on state laws.

This year those who have benefited more from the employment sector are skilled and experienced workers.

The claims have been below the level of 300,000 since March this year and economists say it is consistent with strength in the labor market.

Meanwhile, the government too raised interest rate last week after about a decade finding confident in the economy.