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Jobless claims drop to 42-1/2-year low as labor market firms


DP Veteran
May 6, 2012
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Sarasota, Florida
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U.S. jobless claims hit 42-1/2-year low as labor market firms | Reuters
Jobless claims drop to 42-1/2-year low as labor market firms

- The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting its lowest level since 1973, suggesting the labor market continued to gain momentum despite weak economic growth.

Initial claims for state unemployment benefits declined 6,000 to a seasonally adjusted 247,000 for the week ended April 16, the lowest reading since November 1973, the Labor Department said on Thursday. Claims for the prior week were unrevised.

Economists polled by Reuters had forecast claims rising to 263,000 in the latest week. Jobless claims have now been below 300,000, a threshold associated with healthy labor market conditions, for 59 weeks, the longest stretch since 1973.

The labor market is strengthening despite signs that economic growth braked sharply in the first quarter. But labor market strength, against the backdrop of weak growth and benign inflation, is probably insufficient for the Federal Reserve to move away from its policy of gradually raising interest rates.

Continued good news in the ever expanding job market………Obama must be doing something right……….
All this progress cannot be attributed to dumb luck…………..

Or by giving credit to someone else
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