U.S. Jobless Claims Drop to Lowest Level Since 1973

The number of Americans filing for unemployment benefits dropped to an almost 44-year low during the last week of February. According the the Labor Department, jobless claims dropped from 242,000 to 19,000 for the week ending in Feb. 25, which is the lowest level since March 1973.

Bloomberg reports the decline shows employers are keeping dismissals at bay since demand remains steady and the market is tight.

CNBC reports the tight labor market and rising inflation could lead the Federal Reserve to raise interest rates at their mid-March policy meeting.