New U.S. claims for unemployment benefits dropped more than expected last week to touch their lowest point in 2-1/2 years, a government report showed on Thursday, offering assurance that the labor market was strengthening despite January's poor jobs numbers.
Initial claims for state unemployment benefits fell 36,000 to a seasonally adjusted 383,000, the lowest since early July 2008, the Labor Department said.
Economists polled by Reuters had forecast claims slipping to 410,000. The prior weeks figure was revised up to 419,000, from the previously reported 415,000.
Good news, right? Mostly. Then again, claims have been all over the map this month. One week of sub-400k claims does not a recovery make. We'll see how long it lasts.
Posts
No comments:
Post a Comment