US jobless claims fell to 187,000, lowest level since 1969
What's new: The reading came in far below the 215,000 forecast, signaling layoffs remain scarce despite higher oil prices.
Applications for US unemployment benefits dropped by 22,000 to 187,000 in the week ended July 18, the lowest weekly total since Sept. 6, 1969, Labor Department data showed Thursday. Economists surveyed by FactSet had expected 215,000 claims. The figure is closely watched as a near-real-time measure of layoffs, and it points to a labor market that is still holding up even as energy costs rise after the US military attack on Iran. The report follows a weak June hiring snapshot, when employers added 57,000 jobs and the unemployment rate edged down to 4.2% from 4.3%. Analysts cautioned that if elevated oil prices persist, companies could still face pressure to cut staffing later this year.