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Americans filing new jobless claims fall
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The number of Americans filing new claims for jobless benefits fell last week to the lowest level in nearly a month, a hopeful sign for the labor market.
Initial claims for state jobless benefits shrank 42,000 to a seasonally adjusted 338,000, the US Labor Department said yesterday.
While recent data on claims have been clouded by seasonal volatility around the winter holiday period, the report showed claims in a range that supports hopes for faster economic growth next year.
“With labor markets on the mend and consumer confidence on the rise, we look for broader economic improvement to continue pushing claims (lower),” said Gennadiy Goldberg, an analyst at TD Securities in New York.
New jobless claims have trended higher since September and are now roughly where they were during the early days of the 2007-09 recession. Economists, however, say the level of claims is still consistent with job growth, and other labor market indicators have pointed to a firming labor market.
The four-week moving average for new claims, which irons out week-to-week volatility, rose 4,250 to 348,000.
“The underlying trend remains favorable,” said Ryan Sweet, an economist at Moody’s Analytics in Pennsylvania. “We will be able to muster stronger job growth in 2014.”
The claims data appeared to have little impact on prices for US stocks and bonds, which were little changed in thin holiday-season trading.
Citing an improving labor market, the Federal Reserve earlier this month said it would cut its monthly US$85 billion bond buying program by US$10 billion starting in January.
Payrolls added solidly in October and November. The jobless rate fell to a five-year low of 7 percent in November.
A Labor Department analyst said no states had been estimated, but noted that claims were still in a period of volatility related to the holidays.
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