There is some good news for the American job market and the American economy - the number of Americans filing new applications for unemployment benefits fell again last week to the lowest numbers in more than eight weeks, suggesting that the labor sector is strengthening despite a somewhat weak financial market.
Initial claims for unemployment benefits at the state level dropped about 11,000 to an adjusted 264,000 for the week ending September 12, the Labor Department announced. That was the lowest reading since mid-July.
It was the 28th straight week that claims remained below the 300,000 threshold, which is usually associated with a strengthening labor market, according to the Wall Street Journal.
Due to holiday timing, the data covered around the Labor Day weekend claims to be a little more volatile, but a Labor Department analyst says that there were no special factors that influenced the data.
The labor market is on solid footing, be assured, even though the global market is in a bit of a sell-off, which lowered the probably of a Federal Reserve interest hike.
The economy added about 173,000 jobs in August, which was down from July, but job openings are still at an all time high, which suggests that we don't have the workers that we need. That is likely to change in December and May, the traditional months of commencement at colleges and universities.
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Thursday's claims report showed the number of people still receiving benefits after an initial week of aid fell 26,000 to 2.24 million in the week ended September 5.