Source:
Bloomberg April 16 (Bloomberg) -- The number of Americans applying for jobless benefits unexpectedly dropped last week to the lowest level in almost three months, signaling the job market may be starting to stabilize.
Initial jobless claims decreased by 53,000 to 610,000 in the week ended April 11, the fewest since January, the Labor Department said today in Washington. Still, the total number of people collecting benefits jumped to a record 6.02 million a week earlier.“There’s a real possibility this could be a turning point,” said James O’Sullivan, senior economist at UBS Securities LLC in Stamford, Connecticut. “We’ve seen some fading of weakness in consumer spending. The logical next step would be some fading of weakness in the labor market.”
Payroll reductions must begin to moderate in coming months to sustain the recent improvement in consumer spending and support an economic recovery later this year. Still, a rebound in hiring is unlikely as employers keep payrolls trim to cut costs until government measures gain traction.
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http://www.bloomberg.com/apps/news?pid=20601087&sid=ai5UT7fLQBAI&refer=home
Someone tell these guys that 600K layoffs per week is not anywheres near "stability". What is should be say "Economy's job haemorrhage stops accelerating."
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