Better Times Ahead as Job Market Continues to Grow

The number of new people signing up for unemployment benefits is at a three-year low, bringing huge relief to Americans across the country as the job market continues to stabilize. Labor department numbers indicate the number of claims filed at 348,000; the lowest since March 2008. That was a decrease of 13,000 from the previous week and this is the fourth decrease in five weeks. The economy has added more than 200,000 jobs over the last three months. The numbers indicate that lesser people are being laid-off, while hiring is picking up pace. It is still important to note that 13 million people are still unemployed and the unemployment rate of 8.3 percent is still relatively high. The only area of concern in consumer spending, people are still cautious about spending and it should increase as the job market continues to strengthen.

“The numbers add to the belief that the economy is shifting gears. There is just no number that is giving us a whole lot of trouble, except for consumer spending,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.


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