The number of Americans claiming new unemployment benefits dropped to a four-year low last week, offering further evidence the jobs market recovery was gaining traction.
Initial claims for state unemployment benefits fell 5000 to a seasonally adjusted 348,000, the lowest level since February 2008, the Labor Department said yesterday. Economists polled had forecast claims rising to 354,000 last week.
A separate report showed a gauge of future US economic activity rose solidly in February, pointing to strengthening growth even as China slows.
"The economy is entering a phase where more of the gains from growth accrue to labour rather than capital," said John Ryding, of RDQ Economics.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women