US jobless claims fall to 298,000

By Dow Jones newswires

New applications for unemployment benefits fell back last week to levels last regularly seen eight years ago, the latest sign of an improving labor market.

Thursday's report showed that the number of people continuing to draw unemployment benefits fell by 49,000 to a seasonally adjusted 2. 5 million for the week ended August 9.

Initial claims for unemployment benefits fell by 14,000 to a seasonally adjusted 298,000 in the week ended August 16, the Labor Department said Thursday.

Minutes of the Fed's July 29-30 meeting, published Wednesday, shed new light on the debate. "Many participants noted that if convergence toward the [Fed's] objectives occurred more quickly than expected, it might become appropriate to begin removing monetary policy accommodation sooner than they currently anticipated," the minutes said.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Last week's claims level marked the third time in the last five weeks the gauge has dipped below 300,000.

Read more here: Business Spectator


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