The U.S. Labor Department revealed Thursday that the number of people seeking unemployment hit the lowest levels in 14 years last week, suggesting that the labor market may be strengthening.
Initial unemployment applications fell 23,000 to seasonally adjusted 264,000 in the week ending Oct. 11, the Labor Department said Thursday. This is the lowest level since the week of April 15, 2000, when applications were at 259,000.
The report showed that the number of people filing continuing unemployment claims rose 7,000 to 2.4 million for the week of Oct. 4.
"There were no special factors impacting this week's initial claims," the Labor Department said.
Chief economist at Pantheon Macroeconomics described the report as "spectacular" and "astonishing," reported the Associated Press.
"Whether claims can be sustained at such a low level - an all-time low, as a share of payroll employment - is debatable... but this is a clear signal of real strength in the labor market," he said in a note to clients.
The data was released among concerns of slowing economic growth and a report Wednesday showing a drop in U.S. retail sales. The Dow dropped 460 points on Wednesday before slightly recovering, and stocks continued to fall Thursday, according to the AP.
The official unemployment rate fell to 5.9 percent earlier this month, and employers added 248,000 jobs last month, according to an earlier government report.
Another government report showed the number of available jobs reaching a 13-year high in August, suggesting that employers will continue adding jobs at a healthy rate.
Still, companies seem hesitant to fill positions, partially because employers say they can't find workers with the right skills, and partially, as some economists say, because employers may not be offering high enough pay.
With more than seven million part-time employed still looking for full-time work, and with twice as many people unemployed for longer than six months than there were before the recession, the market is still obviously suffering from the recession.
