New requests for US unemployment benefits fell more than expected last week, declining by 3,000 to 450,000. The forecast was for the number to increase to a total of 459,000.
Ã¢â‚¬Å“The labor market is slowly getting back on track,Ã¢â‚¬Â Ryan Sweet, a senior economist at MoodyÃ¢â‚¬â„¢s Economy.com in West Chester, Pennsylvania, said before the report. Ã¢â‚¬Å“Businesses are still cautious about hiring, but the strong recovery in profits is giving firms the cash flow they need to invest.Ã¢â‚¬Â
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