Thursday, February 10, 2011
US jobless claims hit 2-1/2 year low
New US claims for unemployment benefits dropped to a 2-1/2 year-year low last week, offering assurance that the labor market was strengthening despite January's poor jobs numbers.
Initial claims for state unemployment benefits fell 36,000 to a seasonally adjusted 383,000, the lowest since early July 2008, the Labor Department said.
"Anecdotally, we do hear that there is some improvement on the jobs front and this is another indication of that," said Tim Ghriskey, chief investment officer at Solaris Asset Management in Bedford Hills, New York.
The data, coming on the heels of Friday's report showing the economy created a paltry 36,000 jobs in January, added to other employment indicators that have pointed to a gain in momentum in the labor market.
The number of people still receiving benefits under regular state programs after an initial week of aid declined 47,000 to 3.89 million in the week ended Jan. 29 from an upwardly revised 3.94 million the prior week.
The number of people on emergency unemployment benefits increased 100,366 to 3.76 million in the week ended Jan. 22, the latest week for which data is available. A total of 9.4 million people were claiming unemployment benefits during that period under all programs.
Initial claims for state unemployment benefits fell 36,000 to a seasonally adjusted 383,000, the lowest since early July 2008, the Labor Department said.
"Anecdotally, we do hear that there is some improvement on the jobs front and this is another indication of that," said Tim Ghriskey, chief investment officer at Solaris Asset Management in Bedford Hills, New York.
The data, coming on the heels of Friday's report showing the economy created a paltry 36,000 jobs in January, added to other employment indicators that have pointed to a gain in momentum in the labor market.
The number of people still receiving benefits under regular state programs after an initial week of aid declined 47,000 to 3.89 million in the week ended Jan. 29 from an upwardly revised 3.94 million the prior week.
The number of people on emergency unemployment benefits increased 100,366 to 3.76 million in the week ended Jan. 22, the latest week for which data is available. A total of 9.4 million people were claiming unemployment benefits during that period under all programs.
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