Unemployment Rises, Millions Jobless
February 24, 2012 by staff
Unemployment Rises, Millions Jobless, The number of Americans filing new claims for jobless benefits last week held at the lowest level since the early days of the 2007-2009 recession, signaling that the battered labor market is healing.
Workers filed 351,000 initial claims for state unemployment benefits, the same as in the prior week, the Labor Department said on Thursday.
The data suggests that a long cycle of heavy layoffs has run it course, laying the ground for more hiring.
“The economy is on the mend from a job creation perspective,” said Phil Orlando, a market strategist at Federated Investors in New York.
The last two weekly readings for claims were the lowest since March 2008, just three months after the deep recession began. Initial filings peaked above 650,000 in March 2009.
Signs of improvement in the job market have been growing.
The unemployment rate, which stood at 9.1 percent in August, dropped to 8.3 percent in January, and additions to payrolls have exceeded 200,000 for two straight months.
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