Jobless claims hit another 5-year low in US, positive sign for the economy


Jobless claims in US have fallen to another five-year low previous week, given out a positive signal that layoffs are back to pre-recession figures.

Jobless claims hit another 5-year low in US, positive sign for the economy-global-annal

As many as 323,000 people filed for their first-week of unemployment benefits last week according to the Labor Department. It’s the lowest level in any single week since January 2008, and matches up with other data that shows employers are firing fewer employees.

Similar were the unemployment claims before the recession began in December 2007, it was about 320,000 initial claims filed each week in a normal job market. Post this era as firms laid-off millions, weekly claims reached as high as 670,000 in March 2009.

The fall in unemployment claims is seen as a positive sign of job market recovery. On the whole, the U.S. economy has lost 8.7 million jobs during the financial crisis but has only been able to add back about 6.2 million jobs since then.

Source: Reuters, CNN, Forbes

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