Jobless claims Support Market Recovery in the U.S.:
The S&P 500 finished the last session near another record high and the Dow Jones Industrial Average finished a tenth consecutive session in positive territory. The Dow finished the last session at another record close, spurred on by the better than expected economic data which posted via the Labor Department.
According to the Labor Department report, the number of Americans filing claims for initial unemployment benefits dropped lower by 10,000 last week to a seasonally adjusted rate of 332,000. The data was better than anticipated and not only boosted primary stock index composites, but boosted investor optimism as well. Additionally, the four week moving average for unemployment claims posted at a five year low.
The news was just another sign of an improving job sector and labor market.
In related news, thousands of Americans receiving extended unemployment benefits have held concerns linked to the recent sequester cuts. Weekly unemployment check amounts could be negatively affected by the sequester associated cuts. Americans are urged to check with state websites to determine specific changes for unemployment benefits in 2013.