Claims lowest since '08 as job market improves |
| The Associated Press - Dec 22, 2011 |
In in the latest sign that the U.S. economy is surging at year's end, unemployment claims have dropped to the lowest level since April 2008, long before anyone realized that the nation was in a recession.
Claims fell by 4,000 last week to 364,000, the Labor Department said Thursday. It was the third straight weekly drop. The four-week average of claims, a less volatile gauge, fell for the 11th time in 13 weeks and stands at the lowest since June 2008.
While the economy remains vulnerable to threats, particularly a recession in Europe, the steady improvement in the job market is unquestionable.
"The underlying trend is undeniably positive," said Jennifer Lee, senior economist with BMO Capital Markets. "I think everyone is starting to come around to the view that, yes, there is a recovery going on."
Unemployment claims are a sort of week-to-week EKG for the job market. Except for a spike this spring, after the earthquake and tsunami in Japan hurt U.S. manufacturing, they have fallen steadily for a year and a half.
Read Full Article from The Associated Press
- Posted: 2011-12-22 16:11:56
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