US jobless rate hits a 15-year low following holiday

The number of Americans filing new claims for unemployment benefits tumbled last week to its lowest level in nearly 15 years, adding to bullish signals on the labour market.

Though the decline probably exaggerates the jobs market’s strength given a holiday-shortened week, yesterday’s report suggested the economy was fairly healthy and weathering weakening global growth.

“Claims are a welcome shot in the arm for those believing the economy is strong,” said Chris Rupkey of MUFG Union Bank in New York. “The US remains an oasis of prosperity in the world and will continue to do so.”