Jobless Claims at Their Lowest in 42 Years

In a bright sign for all industries, jobless claims in the U.S. declined unexpectedly last week to hit 253,000, the lowest since November of 1973. Jobless claims are a measure of the number of Americans filing for unemployment, and their decrease indicates employers that are upbeat about the economy, increasing hiring and expanding employee headcount.

The number of continuing claims from those already receiving unemployment benefits also fell, and for 58 consecutive weeks claims have been below the 300,000 level that economists say is typically consistent with an improving job market. Data from the labor department also indicates more employees voluntarily leaving their jobs, indicating confidence that they will be able to find another.

Besides the economic growth that brings revenue to small businesses, a decrease in claims also means lower rates of unemployment insurance – good news all around for the hospitality industry.

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