US Jobless claims fall

By Park Sae-jin Posted : December 9, 2011, 11:25 Updated : December 9, 2011, 11:25
Fewer Americans than forecast filed applications for unemployment benefits last week, reflecting a pullback following the Thanksgiving holiday and a decrease in seasonal firings that may signal the labor market is on the mend.

Jobless claims dropped by 23,000 to 381,000 in the week ended Dec. 3, the fewest since February, Labor Department figures showed today in Washington. Economists in a Bloomberg survey called for a drop to 395,000. The number of people on unemployment benefit rolls and those being extended payments also decreased.

Companies are firing fewer workers yet may be reluctant to ramp up staff until demand picks up and there’s more clarity on tax breaks due to expire at year-end.

While the jobless rate last month unexpectedly fell to 8.6%, the lowest in more than two years, faster job growth is needed to push the rate lower and spur consumer spending.

Moreover, some economists worry that with the holiday season about to end in January, companies may once again begin ramping down workers in hopes of cutting back costs.


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