Jobless claims hold steady at 4-year low

The number of Americans filing new claims for jobless benefits last week held at the lowest level since the early days of the 2007-2009 recession, signaling that the battered labor market is healing.

Workers filed 351,000 initial claims for state unemployment benefits, the same as in the prior week, the Labor Department said on Thursday.

The data suggests that a long cycle of heavy layoffs has run it course, laying the ground for more hiring.

"The economy is on the mend from a job creation perspective," said Phil Orlando, a market strategist at Federated Investors in New York.

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- Posted: 2012-02-23 10:36:38

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