Thursday June 7, 2012

Good News on the Economic and Jobs Front

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Both the U.S. Department of Labor and the Federal Reserve's Beige Book reported a reduction of unemployment claims an upbeat picture of the U.S. economy continuing to improve respectively.

BLS logo.jpgToday, the DOLreported tht the number of jobless claims fell by 12,000 last week to 377,000. Claims from two weeks ago were revised up to 389,000 from 383,000. New claims were below the 380,000 figure forecast by economists surveyed by Dow Jones Newswires. The average of new claims over the past four weeks, meanwhile, edged up by 1,750 to 377,750, the highest level in a month.

The Beige Book.gifMeanwhile, the Federal Reserve's latest beige book released on June 6 reported the economy is continuing to improve at a moderate pace, in spite of the recent string of economic data would seem to indicate. The beige book showed reports of hiring, most notably in manufacturing, construction, information technology, and professional services. The only significant hint of a weakening job market in the survey came from the Fed's Chicago district, where hiring was said to be "limited," due in part to difficulties finding qualified workers.