Initial Jobless Claims Drop to 5-Year Low

From Reuters:

Initial claims for state unemployment benefits fell 37,000 to a seasonally adjusted 335,000, the lowest level since January 2008, the Labor Department said on Thursday. It was the largest weekly drop since February 2010 and ended four straight weeks of increases.

While problems adjusting the data for seasonal fluctuations might have exaggerated the size of the decline, economists said the report still suggested an improvement in sluggish labor market conditions and the broader economy as a whole.

“Having taken a pinch of salt, however, we would suggest that the trend in claims generally show no pickup in layoff activity around the turn of the year,” said John Ryding, chief economist at RDQ Economics in New York.


Another report from the Commerce Department showed that new home construction rose by 12.1% in December to reach the highest level since 2008.

Posted by on January 17th, 2013 at 1:52 pm

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