Claims for jobless benefits unexpectedly dropped last week to the lowest level in four years, showing the U.S. job market is on the mend.
Applications for unemployment insurance payments decreased 13,000 in the week ended Feb. 11 to 348,000, the fewest since March 2008, Labor Department figures showed today.
“It’s clearly reflecting a rapidly improving labor market, signaling further declines in the jobless rate,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “It’s good news for consumers, meaning stronger income growth and likely rising confidence that will support spending.”
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