Country: United States
6 August 2009
The number of people in the USA filing fresh claims for unemployment benefits fell radically last week, according to a government report released an hour ago.
The news comes as a boost to the employment sector, which has endured a torrid time during the financial crisis, and acts as a further indicator that the country’s economy is improving, which is good news for the USA property market.
The Labor Department said that Initial claims for state unemployment insurance benefits fell 38,000 to a seasonally adjusted 550,000 in the week ended 1 August from 588,000 the previous week.
“The claims data are another sign that the recession could be behind us," said Kevin Flanagan, of Morgan Stanley in New York.
He added: “I am optimistic that a recovery is in the process of beginning, but we will need to see continued improvement in claims going through [under] the 500,000 level before the consumer is willing to come on board and be part of the recovery.”
A Reuters survey forecast 320,000 workers lost their jobs last month, an improvement on the 467,000 who were laid off in June – the best monthly level record since September 2008.
The report bodes well for the US property market, as greater employment levels are likely to improve demand for property in USA.
See Also: Marc Da-Silva, Unemployment, USA
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