Jobless claims went down further last week to 320,000 as per the Labor Department figures marking a fifth straight decline in jobless numbers. The number of Americans expecting unemployment benefits reduced by 15,000 last week pointing towards a recovering economy and more job creation during the period.
The companies are cutting fewer workers as the layoffs have been reported less. The unemployment rate has come down to 7.4% which should be a sign of relief for government officials trying to contain unemployment. The positive numbers will also lead to higher optimism among stock market investors and consumers as well.
During March 2009, the number of people seeking unemployment benefits touched a high of 670,000. The current level has touched a six year low in unemployment figures.
The Labor department report puts the layoffs at an average of 1.6 million per month through June. Employers across the nation hired 4.3 million workers a month as per June records.
The retail sales figure for July marks 0.2% increase compared to June. Auto sector is still facing tough times with lower sales.
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