US Jobless Claims Drop to Lowest in Nearly 50 Years

US Jobless Claims Drop to Lowest in Nearly 50 Years

US Jobless Claims Drop to Lowest in Nearly 50 Years

$DIA, $SPY, $QQQ, $VXX

US filings for unemployment benefits fell last week to the lowest level in almost five decades, indicating the job market remains tight, Labor Department figures showed Thursday.

Highlights of Jobless Claims (Week ended 24 February)
  • Jobless claims decreased by 10-k to 210-k, lowest since Dec. 1969 (est. 225-k)
  • Continuing claims rose by 57-k to 1.93-m in week ended 17 February (data reported with 1-week lag)
  • Four-week average of initial claims, a less-volatile measure than the weekly figure, fell to 220,500, also the lowest since 1969, from the prior week’s 225,500

Key Takeaways

Overall, the employment picture remains solid, with payrolls continuing to increase and the unemployment rate at the lowest since late 2000. Job growth will help sustain consumer spending, the biggest part of the economy.

Thursday, the major US stock market indexes finished at: DJIA -420.22 at 24608.98, NAS Comp -92.45 at 7180.55, S&P 500 -36.16 at 2677.67

Volume: Trade on the NYSE came in at: 1.04-B/shares exchanged

  • NAS Comp +4.0% YTD
  • S&P 500 +0.2% YTD
  • DJIA -0.5% YTD
  • Russell 2000 -1.8% YTD

HeffX-LTN’s Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
1 March 2018 QQQ 165.92 Neutral (0.24) 164.83 169.37
1 March 2018 DIA 249.82 Neutral (-0.07) 246.94 250.21
1 March 2018 SPY 270.21 Neutral (-0.03) 267.60 272.01

Stay tuned…

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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