U.S. jobless claims tumble in latest week, painting a picture of a strong labor market

The numbers: Initial jobless benefit claims fell by 17,000 to 232,000 in the week ended Feb. 19, the Labor Department said Thursday.Key details: The number of people already collecting jobless benefits fell by 112,000 to 1.48 million in the week... The numbers: Initial jobless benefit claims fell by 17,000 to 232,000 in the week ended Feb. 19, the Labor Department said Thursday.Key details: The number of people already collecting jobless benefits fell by 112,000 to 1.

Big picture: Claims had risen to a three-week high in the prior week, but the gain was seen as statistical noise. Overall, the labor market is seen as very tight and economists think claims will continue to move lower. Looking ahead: The overall picture painted by these data points to a rapid pace of job growth, although with the supply of labor still constrained,” said Josh Shapiro, chief economist at MFR Inc.

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