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Jobless claims drop to lowest since April 2008
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Dec 22, 2011 10:18am |
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| Category | News |
| Author | Msnbc.com staff and wire |
| News Date | Thursday, December 22, 2011 04:00:00 PM UTC0:0 |
| Description | The labor market got another jot of good news Thursday when the government reported a surprise drop in jobless claims to their lowest level in 3-1/2 years.
The Labor Department reported that new claims for jobless benefits dropped by 4,000 in the latest week to a seasonally-adjusted 364,000. That's the lowest since April 2008 and well below expectations of an increase to 375,000, raising hopes, at least for now, that the labor market is on the mend.
The 4-week moving average, considered a more accurate barometer of labor market conditions, was 380,250, a decrease of 8,000 from the previous week's revised average of 388,250.
"No change in the script here. The employment situation continues to show strong signs of a recovery and goes against the grain of what people felt four months ago. There has been a limited impact from the euro zone fallout and hopefully 2012 will be equally strong," Miller Tabak chief economic strategist Andrew Wilkinson told Reuters. |
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