U.S. jobless claims near 44-year-low as labor market tightens

“Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 223,000 for the week ended Feb. 25, the lowest level since March 1973, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 fewer applications received than previously reported.” — How is this possible as GDP growth weakens? A: because the unemployment statistics reflect a shrinking labor force more than they reflect a healthy labor force…