Recent reports concerning the economic recovery have not been uplifting; however, good news regarding employment should help to keep the naysaying at bay. The number of individuals filing initial unemployment claims fell below 500,000 for the the first time this year. Consumer spending is also on the up and up, with new-home sale reaching their highest point in 2009 for the month of October.
Together, the reports imply that the recovery is not as anemic as many media sources claimed earlier in the week. Rather, the increase in consumer spending, which is responsible for 70 percent of the economy and the improvements in real estate would have analysts believe the economy should be able to maintain at least a moderate rebound. People filing for initial jobless aid decreased by 35,000 to 466,000, according to reports from the Labor Department on Wednesday. This is the smallest number the nation has seen Since September of 2008 and quite an improvement on 500,000 forecast by economists. While this is a sign of improvement, analysts have reported that claims would need to fall near 400,000 for a period extended over several weeks to indicate actual employment growth.
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