“The number of Americans filing applications for unemployment benefits fell to more than a 49-year low last week, but the drop likely overstates the health of the labor market as claims for several states including California were estimated,” Reuters reports. “Still, labor market conditions remain strong, which for now should help to temper fears of a sharp slowdown in economic growth.”
“Initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 199,000 for the week ended Jan. 19, the lowest level since mid-November in 1969 when 197,000 applications were recorded, the Labor Department said on Thursday. Data for the prior week was revised lower to show 1,000 fewer applications received than previously reported,” Reuters reports. “The Labor Department said claims for California, Kansas, North Dakota, Virginia, West Virginia, and Hawaii were estimated last week because of Monday’s Martin Luther King Jr. holiday.”
“The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 5,500 to 215,000 last week,” Reuters reports. “The jobless rate rose two-tenths of a percentage point to 3.9 percent in December as strong labor market conditions attracted some unemployed people back into the labor force.”
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MacDailyNews Take: Obviously, strong U.S. employment benefits Apple as the Americas are by far Apple’s largest market. The more people with disposable income to spend on things like new Macs, iPad, iPhones, Apple Music and more, the better it is for Apple,