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Jobless Claims Numbers Better Than Expected

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Jobless Claims Numbers Better Than Expected

The labor market got some good news today with news that fewer Americans than expected filed new unemployment claims last week. Initial claims fell by 9K to a seasonally adjusted 283K, according to the Labor Department. That was the lowest level in five weeks and fell below analysts' predictions of 290K new claims. And the more reliable four-week moving average of claims, which is less vulnerable to flukes, fell by nearly 8K to 297K. The cheery report comes as a relief in the wake of disappointing data regarding consumer spending and home price appreciation. [Reuters]