Jobless claims cling near 45-year low
Thursday, 2 August 2018 19:56 WIB | GLOBAL ECONOMY |Klaim PengangguranJobless ClaimUS Jobless Claims

Initial jobless claims, a tracker of sorts for layoffs in the U.S., crept higher at the end of July but clung near a half-century low.

New claims inched up by 1,000 to 218,000 in the seven days from July 22 to July 28. Economists polled by MarketWatch had forecast a 220,000 reading. Until recently clams haven™t been this low since the early 1970s.

The economy crested to a 4.1% rate of growth in the spring, powered by higher consumer spending and business investment. Strong growth has led to more hiring and knocked unemployment down to an 18-year low.

The more stable monthly average of claims, for instance, dropped by 3,500 to 214,500 in the latest week, the government said Thursday. That's the second lowest reading during a nine-year-old expansion expansion that begin in mid-2009.

The number of people already collecting unemployment benefits also declined by 23,000 to 1.72 million. Known as œcontinuing claims, they are almost a quarter of a million lower compared to the same time last year.

The economy might surpass 3% growth in 2018 for the first time in 13 years. Virtually every industry is hiring and the labor market hasn't been this good in decades.

On Friday, the government is expected to report another healthy gain of 193,000 new jobs in July, with unemployment falling a notch to 3.9%.

Source : Marketwatch

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