US Jobless Claims Fall by 3,000

Applications for new unemployment claims fell by 3,000 last week to a total of 420,000. This was slightly better than forecast but the number of people receiving unemployment insurance and extended benefits continues to rise.

“The recent signs have been pretty consistent in that they’ve shown some modest improvement” in the labor market, said Ryan Wang, an economist at HSBC Securities USA Inc. in New York. “It still remains a challenge to generate the number of jobs required to lower the unemployment rate.”

Source: Bloomberg

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