New requests for US unemployment benefits fell more than expected last week, declining by 3,000 to 450,000. The forecast was for the number to increase to a total of 459,000.
“The labor market is slowly getting back on track,†Ryan Sweet, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “Businesses are still cautious about hiring, but the strong recovery in profits is giving firms the cash flow they need to invest.â€
Source: Bloomberg
