http://online.wsj.com/articles/u-s-jobless-claims-drop-to-lowest-level-since-2006-1406205232WASHINGTON—New applications for unemployment benefits plunged last week, reaching an 8½-year low and offering the latest signs of strength in the labor market.
Initial claims for jobless aid, a proxy for layoffs, fell by 19,000 to a seasonally adjusted 284,000 in the week ended July 19, the Labor Department said Thursday. That was the lowest level for first-time claims since February 2006 and below the 305,000 claims forecast by economists surveyed by The Wall Street Journal. The prior week was revised up slightly.
"Claims are often volatile in the summer because of the timing of shutdowns at auto plants for retooling, but even so the downward trend in claims is evident and very positive for the labor market and the overall economy," said Stuart Hoffman, chief economist at PNC Financial Services Group. PNC +0.25% "The current level of claims is consistent with monthly job growth of above 200,000, and the July employment report should be another strong one."
Topic: U.S. Jobless Claims Drop to Lowest Level Since 2006 (Read 3632 times)