The number of people filing for first-time unemployment benefits fell last week for the second week in a row. The Department of Labor says 330-thousand people filed for first-time jobless claims in the week ending January 19. That's down five-thousand compared to the previous week.... and marks a new five-year low.
Over the last two weeks, initial claims have plummeted by 45-thousand. It's unclear why claims have fallen so dramatically. But economists point to seasonal distortions in the data.