Jobless Claims in U.S. Unexpectedly Decreased Last Week
Bloomberg (07/17/14) Michelle Jamrisko
The number of people applying for unemployment benefits in the week ended July 12 dropped by 3,000 to 302,000, a sign that the labor market continues to strengthen, according to the U.S. Department of Labor. The 51 economists surveyed by Bloomberg had forecast claims of 310,000. The four-week moving average of claims dropped by 3,000 to 309,000, the lowest level since June 2007.
Chicago Fed’s Evans Says Job Market Improvement Real and Welcome
Wall Street Journal (07/16/14) Jon Hilsenrath
The labor market has improved more quickly than expected, but the U.S. Federal Reserve should remain cautious about increasing interest rates, according to Charles Evans, president of the Federal Reserve Bank of Chicago. Rates should remain at near zero until inflation stabilizes at 2%, he says, though some Fed officials believe the U.S. should consider raising short-term interest rates due to lower than predicted unemployment levels.
“I’m still in the camp that thinks that it has been our appropriate monetary policy that has helped set the table for businesses to take advantage of the opportunities in front of them and hire more workers, and the consumer to do better,” Evans says. “I think that is going to continue to be appropriate well into 2015.”
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