America’s bedraggled labor market got a boost today with the latest weekly initial jobless claims unexpectedly plunging 21,000 to 434,000 — their lowest level since July. A Bloomberg survey had expected the report to show a total of 455,000 new claims. Last week’s total was revised 3,000 higher to 455,000.
Perhaps even better, the four-week moving average declined 5,500 to 453,250. Economists emphasize this measure because it smooths out anomalies due to holidays, strikes, weather-related layoffs and other temporary factors.
Continuing claims also plummeted, by 122,000 to 4.36 million. Some of that decline reflects Americans whose benefits have been exhausted, but some of it also those who have found work.
www.dailyfinancereport.com via aol.com is reporting an encouraging trend in employment/unemployment nationwide.