Ahead of Nonfarm Numbers, Initial Claims Drop More than Expected Last Week
Initial jobless claims fell last week, a sign the economy might be showing some solid improvement as corporations begin to hire again.
According to new data from the U.S. Department of Labor Thursday, applications for unemployment insurance payments fell 12,000 to 367,000 for the week ended January 28th. The number came in below economist views calling for a drop to 371,000.
Folks continuing to receive benefits fell 130,000 to $3.44 million for the week ended January 21st, the lowest point since September 2008, according to Labor Department data. Economists were expecting a continuing claims reading of 3.437 million.
The four-week moving average fell by about 2,000 to 375,750.
Americans who've used up traditional benefits and are now on extended help increased 43,1000 to 3.5 million for the week ended January 14th.
Everything isn't all whipped cream and sunshine though; many large companies are continuing to trim the fat. AMR Corp (OTCBB: AAMRQ) said it would eliminate 13,000 jobs recently, JCPenney (NYSE: JCP) is aiming to slim down by thousands of seasonals, and banks continue to make some cuts to workers.
With expectations for a 145,000 increase in nonfarm payrolls Friday, the news is a good early indication of what may come. A gain in payrolls would add to the 200,000 increase reported for December. Unemployment has been showing improvement as well, dropping to 8.6 percent just a few months ago, though Friday's number should be unchanged at 8.5 percent.
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According to new data from the U.S. Department of Labor Thursday, applications for unemployment insurance payments fell 12,000 to 367,000 for the week ended January 28th. The number came in below economist views calling for a drop to 371,000.
Folks continuing to receive benefits fell 130,000 to $3.44 million for the week ended January 21st, the lowest point since September 2008, according to Labor Department data. Economists were expecting a continuing claims reading of 3.437 million.
The four-week moving average fell by about 2,000 to 375,750.
Americans who've used up traditional benefits and are now on extended help increased 43,1000 to 3.5 million for the week ended January 14th.
Everything isn't all whipped cream and sunshine though; many large companies are continuing to trim the fat. AMR Corp (OTCBB: AAMRQ) said it would eliminate 13,000 jobs recently, JCPenney (NYSE: JCP) is aiming to slim down by thousands of seasonals, and banks continue to make some cuts to workers.
With expectations for a 145,000 increase in nonfarm payrolls Friday, the news is a good early indication of what may come. A gain in payrolls would add to the 200,000 increase reported for December. Unemployment has been showing improvement as well, dropping to 8.6 percent just a few months ago, though Friday's number should be unchanged at 8.5 percent.
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