Latest report from U.S. Labor Market has revealed a low rate since year 1973 – a clear indication of employment rate to be a backbone in determining global economy.
In accord with Labor Department data, likewise new applications claiming unemployment benefits have plunged by 6,000 to 247,000 by the end of week (16 April 2016). Contrary, Bloomberg had predicted 265,000 claims. The number of Americans already on benefit rolls declined to a more than 15-year low (source: Bloomberg).
Limited dismissals signal that employers are still optimistic about the U.S. demand outlook.
“Claims are probably the single best indicator of the health of the economy. We assume the labor market will continue to outperform most measures.” – Action Economics LLC’s chief economist, Mike Englund – who had predicted 252,000 among the lowest during Bloomberg survey.
INSIGHT: Keeping in view Labor Market reports for March 2016, number of employment opportunities had been on a reduction scale but hiring rate hiked aggressively than February– another bullish drive since July 2015.Number of new employments had ranged approx. 215,000 at that time.
Exclusive data obtained from Bloomberg cited economists’ prediction(weekly jobless claims)to be swinging between 245,000 to 285,000.
UPDATE: Filings, which are the lowest since the week ended Nov. 24, 1973, fell from an unrevised 253,000.
The number of people continuing to receive jobless benefits dropped by 39,000 to 2.14 million by the end of week(09 April 2016) – bearish since November 2000. The unemployment rate among people eligible for benefits held at 1.6%. These data are reported with a one-week lag.
ADD ON: Tech giant, Intel Corp., is looking forward for a job-cut worth 12,000 employees in order to limit its dependence on the shrinking personal-computer market – an approximate 11% of the company’s labor staff.