5:26 pm - Tuesday July 22, 2014

Jobless claims in the US drops to a 2 1/2 year low, economy gathering momentum

Asia Bizz: Jobless claims in the US have dropped to an unbelievable 2 1/2 year low, and this is direct sign which shows the country’s economy is finally gathering some momentum to get back on track. The Labour sector was the major area were recovery has been witnessed and this is first time many years, positive data has been processed from the Labour Department.

The United States had a huge burden of unemployment in the country, and the current government was on the verge of eliminating the jobless claims benefits for the people. Since the recession took place, millions of Americans were packed back home, leading the country into a financial crisis which was never seen before.

Claims fell by almost 36,000 and touched 383,000 for the month, which has been reported to be the lowest since July 2008. Earlier, economists had predicted, the claims would fall only to 410,000 but it performed better than that. This is really good news for the US economy and the financial sector, thanks to the Labour market, this will slowly push the number of jobs availability in the country.

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