Unemployment Aid Applications Drop To A Four-Year Low
The rate of people seeking unemployment aid last week has dropped, supporting the signs of strengthening job market and improvement in US economy. The Labor department released the jobs report today, revealing that the applications for people trying to avail unemployment benefits have dropped 14,000 to 351,000, roughly the same as a four-year low reached last month. The last four weeks' average was around 355,750, which shows that jobless claims have leveled off over the last four weeks, after steeping down for six months when the claims declined 14% to reach 8.3%. This period includes the three months recording maximum hiring in two years, with an average hiring of 245,000 jobs per month.
The Federal Reserve is very optimistic about the recovery in job market, mainly due to the rise in hiring. After the meeting, the Fed said that they expect the unemployment rate to decline gradually with expanding economy, as the consumer spending and business investment would increase. Some concerns, however, existed over rising gas prices that could force the consumers from spending, and thereby pressurize the economic growth and company hiring.
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Original Source: US Financial News
The Federal Reserve is very optimistic about the recovery in job market, mainly due to the rise in hiring. After the meeting, the Fed said that they expect the unemployment rate to decline gradually with expanding economy, as the consumer spending and business investment would increase. Some concerns, however, existed over rising gas prices that could force the consumers from spending, and thereby pressurize the economic growth and company hiring.
You can read more on Financial and Business Updates from our Experts:- Investment News
Original Source: US Financial News