Initial jobless claims sank to their lowest level since February last week, marking the fourth straight week of declines and raising hopes the U.S. can avoid a recession—or at least delay it. Some 216,000 Americans filed for unemployment benefits, down from 229,000 the week prior, the Department of Labor reported Thursday. The data surprised economists, who had expected 231,500 initial jobless claims on average.
“Initial jobless claims moving lower for the fourth consecutive week points to a labor market that continues to be tight and is consistent with the solid job growth recorded in August continuing in September,” Citi’s chief U.S. economist Andrew Hollenhorst wrote in a Thursday note.
