The number of new claims for unemployment fell by 19,000 last week to 457,000 new claims. However, the number of people receiving extended benefits rose, indicating that while the economy is still shedding jobs, the pace is slowing.
“Claims have been surprisingly sticky for several weeks now,†Sal Guatieri, a senior economist at BMO Capital Markets in Toronto, said before the report. “It’s a reflection of the amount of cautiousness on the part of American businesses. It’s possible businesses have stepped back and delayed their hiring plans, especially in light of the European credit concerns.â€Â
Source: Bloomberg
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