© Dukascopy Bank
|
"The employment situation continues to show strong signs of a recovery"
- Andrew Wilkinson, chief economic strategist at Miller Tabak & Co.
The number of Americans claiming for unemployment benefits dropped to 364 thousand in the week ended December 17, the lowest level since April 2008, said the Department of Labor on Thursday. Economists expected the reading to increase to 376 thousand.
"The underlying story here, we think, is that businesses were braced in the fall for a weakening in demand — implied by plunging consumer confidence — which did not then happen. Robust sales growth has therefore left many firms in a better position than they expected, so layoffs are falling," said Ian Shepherdson, chief U.S. economist with High Frequency Economics.
"The employment situation continues to show strong signs of a recovery and goes against the grain of what people felt four months ago," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. in New York.