Jobless claims fall to lowest in years

  • The number of Americans filing claims for unemployment benefits fell last week, suggesting an improvement in the labor market. About 326,000 people filed initial claims for unemployment benefits in the week ending July 27. 

    Thomas Simons, money market economist for Jefferies & Co., said "we are optimistic that the downward trend in claims will persist and that the labor market will continue to improve, but we are also cautious that claims may rise again in the next few weeks."

    According to analysts, 183,000 jobs were added last month and the unemployment rate fell from 7.6 percent to 7.5 percent in June. Moreover, the payroll company ADP said companies created 200,000 jobs in July, the highest number since December and estimated the number of jobs in the private sector to be 198,000.

    ADP doesn't report government hiring. 

    The Commerce Department said the economy has grown more from April through June than it did from January through March. 

    Tagged as: Unemployment, Unemployment benefits fall, Economy growth, Business News