The number of Americans filing unemployment claims with the government “tumbled” to levels not seen in nearly 49-years this week; easing concerns of a slowing labor market and signaling a robust US economy.
“The number of Americans filing applications for jobless benefits tumbled to near a 49-year low last week, which could ease concerns about a slowdown in the labor market and economy,” writes Reuters.
“Other data on Thursday showed import prices dropping by the most in more than three years in November as the cost of petroleum products tumbled and a strong dollar weighed on prices of other goods, pointing to subdued imported inflation,” adds the article.
“Markets can breathe a sigh of relief that the economy is not going all wobbly,” said a leading economist in New York City. “No inflation pressures building and a tight labor market is news that tells the Fed they are right to continue to raise interest rates at next week’s meeting.”
Read the full report here.