U.S jobless claims plunge cheerfully to a new record

Unexpectedly today we watch number of people who applied for unemployment insurance benefits in the week that ended July 19 plummet actually by 19,000 to 284,000, which is the lowest level since February 2006, indicating clearly that companies have further slowed down the pace of layoffs and are letting go of few workers.

In fact and to be more precise the initial jobless claims for July 19 came in at 284 thousand; below the projected 307 thousand and from a prior revised 303 thousand from 302 thousand while that the continuing claims for July 12 came in also below the market forecasts of 2510 thousand at 2500 thousand.

And going back to the Fed’s Beige Book the Federal Reserve said labor markets improved with all regions showing “slight to moderate employment growth.” Several noted “some difficulty finding workers for skilled positions.” Wage pressures “remained modest” in most districts.

Accordingly last week a report showed that the initial jobless claims for July 12 plunge to 3.2 thousand from actually a revised prior reading of 305 thousand from 304 thousand; below the market forecasts of 310 thousand while that the continuing claims for July 05 also plummeted cheerfully to 2507 thousand.