Jobless Claims Dip to 420K, Marking Two-Year Low
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Initial jobless claims dipped last week to a two-year low, a sign that the long-struggling labor market is starting to turnaround.
The Labor Department reported Thursday that the filings for jobless benefits dropped by 3,000 to 420,000 for the week ended December 18, which was in line with the economist forecast.
The report also showed that those already collecting benefits dipped to 4.06 million.
The fewer firings may be a precursor to a pick up in hiring heading into the new year, which is vital to sustained growth in consumer spending. Over 70 percent of economic activity in the US.
The report comes one day after the US government reported that the economy grew at a 2.6 percent annual rate in the third quarter.
The Labor Department reported Thursday that the filings for jobless benefits dropped by 3,000 to 420,000 for the week ended December 18, which was in line with the economist forecast.
The report also showed that those already collecting benefits dipped to 4.06 million.
The fewer firings may be a precursor to a pick up in hiring heading into the new year, which is vital to sustained growth in consumer spending. Over 70 percent of economic activity in the US.
The report comes one day after the US government reported that the economy grew at a 2.6 percent annual rate in the third quarter.
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