U.S. initial jobless claims were down 22,000 from the previous week's level to 222,000, compared with expectations for a drop to 240,000.This marked the lowest level for initial claims since March 31, 1973 when it was 222,000. The less volatile four-week average slid by 9,500 to 248,250, lowest since late August.
The economy did lose 33,000 jobs in September, but that was mostly because of Hurricanes Harvey, Irma and Maria.
The unemployment rate fell to 4.2 percent in September, the lowest level since early 2001, as the job market maintained its overall strength.
With the much bigger than expected decrease, initial jobless claims fell to their lowest level since hitting a matching figure in March of 1973. Last month's drop was driven by huge losses in restaurants and bars, which shed 105,000 jobs, a sign of the damage to Florida's tourism industry. The report noted that hurricane-related disruptions continue to affect data collection in Puerto Rico and the Virgin Islands.
When can I see the attractive Orionid meteor shower this weekend?
But it is recommended to go somewhere where there is no light pollution from the glow of towns and cities. The first recorded reports of the shower date back to 1839, when it was spotted in America.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also declined by 16,000 to 1.888 million in the week ended October 7th.
Initial jobless claims fell to a 44-year low last week. That is the longest such stretch since 1970, when the labor market was smaller.
The government said first-time unemployment claims dropped 22,000 to a seasonally adjusted 222,000 for the week that ended on October 14.