The number of new claims for unemployment benefits fell to a three-month low of 434,000 for the week ending October 23rd. This is the lowest level of new claims in three months while the total number of people receiving unemployment benefits fell to a two-year low.
“Certainly these are encouraging numbers,†said Brian Jones, an economist at Societe Generale SA in New York, who forecast claims would drop to 430,000. At the same time, he said, “given other labor-market readings you want to be hesitant about saying we’ve turned the corner.â€
Source: Bloomberg
