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Jobless claims drop to almost a four-year low
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Feb 09, 2012 04:06pm |
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| Category | News |
| Author | By msnbc.com staff and wire reports |
| News Date | Thursday, February 9, 2012 10:05:00 PM UTC0:0 |
| Description | The U.S. labor market got another jolt of good news Thursday when the government reported new claims for jobless benefits dropped to almost the lowest they have been in four years.
The Labor Department said seasonally adjusted claims dropped by 15,000 to 358,000 in the week ended Feb. 4. That's the second lowest level since April 2008, before the financial crisis that sent the U.S. economy into its worst recession since the Great Depression.
The four-week moving average, considered a more accurate reading of the health of the job market, dropped 11,000 to 366,250, also the lowest since April 2008.
"It's great news. Claims continue to look better every week, every month ... the headline number is great," said Frank Lesh, Futures Analyst and broker at Futurepath Trading LLC.
Economists polled by Reuters had forecast claims rising to 370,000. The claims data pointed to building strength in the labor market. The economy has had two straight months of job gains above 200,000 and the unemployment rate dropped to a three-year low of 8.3 percent in January. |
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