Jobless Claims in U.S. Decrease to Three-Month Low

Applications for U.S. unemployment benefits unexpectedly fell last week to the lowest level in three months, indicating companies are slowing the pace of firings.

Jobless claims dropped by 11,000 to 445,000 in the week ended Oct. 2, the fewest since July 10, Labor Department figures showed today in Washington. Economists projected 455,000 new claims last week, according to the median forecast in a Bloomberg News survey. The total number of people receiving unemployment insurance decreased and those getting extended payments jumped.

While dismissals are abating, employers aren’t adding the number of jobs needed to reduce unemployment that’s close to a 26-year high. A report tomorrow is forecast to show the jobless rate rose for a second month in September, indicating a struggling labor market that may compel the Federal Reserve to ease monetary policy.

Read Full Article from Bloomberg

- Posted: 2010-10-07 08:22:50

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