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"… the broad trend is still consistent with a lukewarm labour market"
- Jim Baird, chief investment strategist at Plante Moran Financial Advisors
Number of Americans, claiming for unemployment benefits, decreased to 397 thousand last week from 406 thousand the week before, said the Department of Labour on Thursday. Economists expected the reading to decline to 401 thousand.
"The trend remains very constructive," said Eric Green, chief market economist at TD Securities Inc. in New York, who expected 395,000 claims. "It's back below 400,000, which seems to be the pivot point in terms of a strengthening labour market as opposed to a weakening one."
"While there has been slight improvement, the broad trend is still consistent with a lukewarm labour market and provides limited reason for renewed optimism among job-seekers," said Jim Baird, chief investment strategist at Plante Moran Financial Advisors.