On Thursday, the Labor Department announced that first-time claims for unemployment benefits dropped to 326,000 last week.
That was down 19,000 from the prior week and easily beat the 345,000 new jobless claims that economists were expecting. Last week’s initial unemployment claims were the lowest since January 2008, Bloomberg noted.
The government revised the prior week’s claims up slightly from an earlier estimate of 343,000 claims, to 345,000 new claims.
Falling first-time jobless benefit claims could indicate that employers are laying off fewer people, suggesting a strengthening economy
Last week’s unemployment claim numbers come ahead of tomorrow’s report on U.S. hiring during July. Economists predict that the economy added 185,000 new jobs last month.
In June, the government reported that employers hired 195,000 new workers, topping forecasts.