According to the Department of Labor, the number of Americans who filed unemployment applications last week fell by 2K, down to 241K.
The week ending on March 11th marked the 106th straight week where jobless claims were below the 300K threshold, the longest run since 1970, strengthening the notion of a healthy U.S. jobs market.
Thursday’s report also showed an increase in hourly earnings, up two tenths of a percent to 2.8%.
The current unemployment rate of 4.7% combined with signs of a robust economy prompted the Fed to raise its benchmark interest rates on Wednesday by 25 bps. Most experts predict two additional rate increases throughout 2017.
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