Ongoing Unemployment Drops to Lowest Level Since December 1973

Jobless claims unexpectedly fell last week, according 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-week moving average of claims, considered a better indicator of job market strength because it evens out week-to-week volatility, also fell.

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