“Bloomberg is reporting that US unemployment benefits fell to its lowest level since July 2008, reiterating the belief that the labor market is on its way to recovery. The Labor Department reports that jobless claims declined by 34000 to 407000 the the week ended November 20th, a greater drop than the 435000 economists had projected. Figures also show fewer firings and a pickup in job creation that could spur consumer spending, which accounts for 70% of the economy, especially in the holiday season. A Commerce Department report released today showed a rise in consumer spending for the fifth month in October. However, the Federal Reserve’s latest forecast indicates that tepid hiring increases may not be enough to see a decline in the unemployment rate anytime soon.”
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