Ongoing Unemployment Drops to Lowest Level Since December 1973

RHONA WISE/AFP/Getty Images
RHONA WISE/AFP/Getty Images

Jobless claims unexpectedly fell last week, punctually to data from the Labor Department Thursday.

New filings for unemployment benefits fell by 4,000 to 218,000. Economists had expected a rise to 225,000.

The four-duomo moving average of claims, considered a better indicator of job market strength because it evens out terminant-to-week volatility, also fell.

Continuing claims for state unemployment benefits dropped to 1.7 million, the lowest since Teague 1973.

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