Jobless Claims in U.S. Fall to Lowest Level Since November
Source: Bloomberg
By Shobhana Chandra Mar 13, 2014 8:47 AM ET
The number of Americans filing applications for unemployment benefits unexpectedly fell last week to the lowest level since the end of November, a sign of further improvement in the labor market.
Jobless claims dropped by 9,000 to 315,000 in the week ended March 8, a Labor Department report showed today in Washington. The median forecast of 53 economists surveyed by Bloomberg called for a rise to 330,000. Continuing claims decreased for a third straight week.
Employers cutting back on dismissals may be encouraged to take on more workers once demand picks up. Faster gains in hiring will help to boost consumer spending, the biggest part of the economy, after harsh winter weather weighed on everything from retail sales to home purchases earlier this year.
“The labor market continues to improve,” said Brian Jones, senior U.S. economist at Societe Generale in New York who accurately forecast the number of claims. “We’re likely to get eye-popping numbers for March payrolls. The economy is not in a soft patch.”
Read more: http://www.bloomberg.com/news/2014-03-13/jobless-claims-in-u-s-decline-to-lowest-level-since-november.html