The number of Americans filing for initial unemployment benefits declined in line with predictions last week. Underlying jobs fell to their lowest level in 18 months forwarding optimistic forecasts regarding the turnaround of the labor market.
First time claims for state unemployment benefits were down 6,000 to a seasonally adjusted 439,000 according to a Thursday release from the Labor Department.
Analysts had expected claims to fall to 440,000 from last week’s 445,000; however, numbers declined marginally more than expected.
The moving average of new claims in the past four weeks fell 6,750 to 447,250, reaching its lowest level since September 2008.
Tomorrow the government is expected to release data on nonfarm payrolls indicate job gains for the second time since the start of the recession.
Following the report, U.S. stock index futures maintained gains alongside stagnant Treasury debt prices. The dollar held its position against the yen.
Payrolls were estimated to have grown 190,000 last month, bolstered by census hiring and the elimination of weather related variables.
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