facebook
twitter
rss
account
search
search
 

U.S. jobless claims reach seven-year low

Reduced layoffs and stronger payrolls suggest the labor market is recovering from its sluggish growth earlier this year.
By Ananth Baliga   |   May 15, 2014 at 10:27 AM   |   Comments

| License Photo
WASHINGTON, May 15 (UPI) -- The number of Americans filing for unemployment benefits dropped sharply last week, dropping to its lowest level in seven years.

U.S. jobless claims fell by 24,000 to 297,000 for the week ending May 10, which is much lower than the 320,000 claims economists polled by Bloomberg had estimated. This is the lowest level seen since May 12, 2007.

The Labor Department did revise its figures up by 2,000 to 321,000 for the previous week. The four-week average dropped 2,000 to 323,250.

Jobless claims are now at pre-recession levels and with reduced firings and stronger payrolls the labor market seems to be recovering after the slow start to the year. Payrolls have rebounded in April after the harsh winter weather but companies are still being cautious as they await a pickup in consumer spending, which accounts for two-thirds of the U.S. economy.

Follow @antbaliga and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
Slovakia sees Russian gas volumes drop Slovakia sees Russian gas volumes drop
3
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
4
Iran could retool pipeline for Pakistan Iran could retool pipeline for Pakistan
5
Ground broken on Azeri gas pipeline for Europe Ground broken on Azeri gas pipeline for Europe
Trending News
Video
x
Feedback