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US Jobless Claims Fall
First-time claims for jobless benefits in the U.S. dropped in the latest week to the lowest level in nearly three years and buoying hopes of a strengthening labor market, according to Bloomberg.
First-time claims for jobless benefits in the U.S. dropped in the latest week to the lowest level in nearly three years and buoying hopes of a strengthening labor market, according to Bloomberg. On Thursday, the Labor Departmentreported that initial claims for unemployment benefits dropped by 20,000 in the week ending Feb. 26 to reach a seasonally adjusted 368,000, which is the lowest since May 2008. The drop surprised economists expecting a gain to 395,00, and also kept the four-week average moving lower to 388,500, which is the lowest in more than two and a half years.
The report also showed that the total number of Americans receiving unemployment insurance reached the lowest level since October 2008, boosting expectations for a positive official report on February job creation, which is due on Friday. Meanwhile, a separate report from Bloomberg showed the Consumer Comfort Index was -39.3 in the week ending Feb. 27, inching slightly lower. However, respondents were more upbeat about their financial situations, with that sub-index reaching nearly a two-year high on stronger income expectations as the labor market improves.
Click here to read the story on jobless claims from Bloomberg News.
Click here for coverage of the comfort index from Bloomberg News.