Claims For Unemployment Benefits Down By 12,000
Submitted by Cheston Catalano
Increased hiring and fewer filings for unemployment show August to be a good month for the jobs picture.
On Thursday, the Labor Department said applications for jobless benefits declined 12,000 to a seasonally adjusted 365,000. Weekly applications are a measure of the pace of layoffs. When the level is consistently below 375,000, hiring is generally strong enough to lower the unemployment rate.
Further evidence the economy may be improving: Service companies grew at a faster pace in August than the month before. The Institute for Supply Management’s index of non-manufacturing activity rose in August to 53.7. That’s up from July’s reading of 52.6, according to the trade group of the nation’s purchasing managers. Any reading above 50 indicates expansion.Click here for reuse options!
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