Via Reuters:
The number of Americans filing for unemployment benefits fell to near a 44-year low last week, pointing to further tightening of the labor market even as economic growth appears to have remained moderate in the first quarter.
The stronger labor market and rising inflation could push the Federal Reserve to raise interest rates this month. Several Fed officials have in recent days suggested the U.S. central bank could increase borrowing costs soon.
“The jobs market is strengthening and we are near full employment. The Fed is worried that the jobs market will overheat and that is fanning the discussion of a March rate hike,” said Ryan Sweet, senior economist at Moody’s Analytics in Westchester, Pennsylvania
Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 223,000 for the week ended Feb. 25, the lowest level since March 1973, the Labor Department said on Thursday.