U.S. Jobless Claims at Lowest Level since April 2008
Weekly claims for U.S. unemployment benefits fell to the lowest level since April 2008 last week, the Labor Department said Thursday, yet another sign that the jobs market is in recovery.
The data was better than most economists expected, with claims hitting 364,000 last week versus the consensus estimate of 380,000.
It was the third straight week that new claims had fallen, a sign of the slowing pace of corporate and government layoffs in the country.
The four-week moving average was down to a three year low of 380,250, compared to 425,500 at the beginning of June.
The downward trend in claims was matched by a fall in the national unemployment rate to 8.6 percent in November from 9.0 percent the month before.
The Labor Department said that the unemployment rate had dropped in 34 of 50 states and risen in just three states. Only five states had jobless number higher than a year earlier.
"The U.S. has been creating jobs for 14 months in a row, and the all-inclusive jobless rate has fallen to 15.6 percent from the 17.4 percent peak," said Jennifer Lee of BMO Capital Markets.
"In other words, the job market is improving."
Source: Agence France Presse
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