Jobless Claims in U.S. Decline to Lowest Level Since November
Source: Bloomberg
The number of Americans filing for unemployment benefits unexpectedly declined last week to a three-month low, signaling durability in the labor market.
Initial jobless claims dropped by 7,000 to 262,000 in the week ended Feb. 13, the lowest since Nov. 21, a report from the Labor Department showed on Thursday. Last week coincided with the period that the government surveys businesses and households to calculate payrolls and the jobless rate for February.
The labor market has exhibited persistent strength despite softer foreign sales, a sign domestic demand is helping the U.S. weather a global slowdown. More hiring and fewer firings that lead to enhanced feelings of job security have the potential to encourage an acceleration in consumer spending.
“Even though it gives us only one side of the labor-market ledger, jobless claims are effectively a gauge on overall business sentiment,” said Millan Mulraine, deputy head of U.S. research and strategy at TD Securities USA LLC in New York. The report is “a good indication that businesses are more inclined to hold on to what they have and add to that, as opposed to reduce their payrolls.”
Read more: http://www.bloomberg.com/news/articles/2016-02-18/jobless-claims-in-u-s-decline-to-lowest-level-since-november
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