year low, the government reported Thursday, indicating that workers are enjoying job security despite weak economic growth. The Labor Department said jobless claims fell 5,000 to 249,000 last week, the lowest level since mid-April and close to the record low recorded in late 1973. It was the 83rd consecutive week that claims were below 300,000, a level associated with a strong labor market. The four-week moving average of jobless claims—a less volatile measure considered a better gauge of labor-market trends—fell 2,500 to 253,500 last week, the lowest level since late 1973. The report also showed the total number of people receiving unemployment benefits fell 6,000 to 2.06 million last week, the lowest level since 2000. The strong jobless-claims report comes one day before the closely watched September jobs report. Economists predict payrolls rose by 175,000 and the unemployment rate held steady at 4.9 percent. Meanwhile, a report Thursday by consultancy Challenger, Gray & Christmas showed U.S. planned layoffs rose in September form a month earlier but were down from a year ago. Employers announced plans to cut more than 44,000 workers in September, 38 percent more than in August but 25 percent fewer than a year earlier. Despite the September increase, the third quarter saw an overall decline in planned layoffs. The U.S. Federal Reserve has said it is likely to raise interest rates by the end of the year if the labor market and inflation continue to strengthen.
