The number of new claims for unemployment benefits in the US fell more than expected in the week ending September 4th. The number of new claims fell by 27,000 to 451,000 for the week, compared to a predicted decline of only 2,000 from the previous week.
The Federal Reserve has made it clear that growth in the US will remain muted until the employment outlook stabilizes; analysts agree with the outlook.
“We need to see faster job growth in the private sector to really generate a robust recovery,” Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit, said before the report. “It is going to be a very tepid recovery.”
Source: Bloomberg
