Monthly average of jobless claims hits lowest level since 1973

A monthly measure for unemployment benefits fell to the lowest level since 1973, a signal that the labor market is continuing to strengthen.

The number of Americans filling jobless claims last week rose 6,000 to a seasonally adjusted 244,000 for the week ended Feb. 18 while the four-week average, which is a less volatile measure of the job market’s health, dropped to a 44-year low, the Labor Department said on Thursday.

The four-week moving average of claims, which better reflects the trajectory of the labor market, fell 4,000 to 241,000 last week, the lowest since July 1973.

{mosads}First-time claims for unemployment benefits have been below 300,000, a level reflecting solid conditions, for 103 straight weeks, which is the best streak since 1970.

Employers added 227,000 jobs in January and the jobless rate was 4.8 percent, as the market moves gradually toward full employment.

The economy has created jobs in every month since October 2010 after one of the worst recessions in the nation’s history hit in 2008.

The February jobs report is set for release on March 10.