WASHINGTON: New claims for US jobless benefits dropped last week to their lowest level in four months, a positive sign for hiring that could bolster expectations the Federal Reserve will ease its monetary stimulus this year.
Initial claims for state unemployment benefits fell by 24,000 to a seasonally adjusted 334,000, the Labour Department said. It was the lowest reading since March and a steeper fall than analysts had expected.
Readings for jobless claims can be volatile in July because many factories close to retool during the period, and it is difficult for the government to adjust the data for seasonal swings because shutdown schedules vary from year to year.
Reuters
