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Drop in benefits claims
Source: Agencies |
September 17, 2010, Friday
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Print Edition
Print Edition
NEW claims for unemployment benefits in the United States dropped to a two-month low last week, hinting at some stability in the labor market, while producer prices recorded their largest gain in five months.
Although the reports confirmed the economy remained on a slow growth path, they further reduced the odds of a double-dip recession and deflation feared by financial markets. "The economy will not run away, but at least it's not shriveling," said Pierre Ellis, senior economist at Decision Economics in New York.
Initial claims for unemployment benefits slipped 3,000 to a seasonally adjusted 450,000, the lowest since the week ended July 10, the US Labor Department said yesterday. Financial markets had expected a rise to 460,000.
In a second report, the department said its seasonally adjusted index for prices paid at the farm and factory gate increased 0.4 percent after gaining 0.2 percent in July.
The second straight week of declines pulled claims for unemployment benefits further away from the nine-month high of 504,000 touched in mid-August and claims are now in the upper end of a 400,000-450,000 range that analysts say is associated with sustainable job growth.
Although the reports confirmed the economy remained on a slow growth path, they further reduced the odds of a double-dip recession and deflation feared by financial markets. "The economy will not run away, but at least it's not shriveling," said Pierre Ellis, senior economist at Decision Economics in New York.
Initial claims for unemployment benefits slipped 3,000 to a seasonally adjusted 450,000, the lowest since the week ended July 10, the US Labor Department said yesterday. Financial markets had expected a rise to 460,000.
In a second report, the department said its seasonally adjusted index for prices paid at the farm and factory gate increased 0.4 percent after gaining 0.2 percent in July.
The second straight week of declines pulled claims for unemployment benefits further away from the nine-month high of 504,000 touched in mid-August and claims are now in the upper end of a 400,000-450,000 range that analysts say is associated with sustainable job growth.
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