Claims For Unemployment Benefits Down By 12,000

Posted by | September 6, 2012 13:32 | Filed under: Top Stories

Submitted by Cheston Catalano

Increased hiring and fewer filings for unemployment show August to be a good month for the jobs picture.

On Thursday, the Labor Department said applications for jobless benefits declined 12,000 to a seasonally adjusted 365,000. Weekly applications are a measure of the pace of layoffs. When the level is consistently below 375,000, hiring is generally strong enough to lower the unemployment rate.

Further evidence the economy may be improving: Service companies grew at a faster pace in August than the month before. The Institute for Supply Management’s index of non-manufacturing activity rose in August to 53.7. That’s up from July’s reading of 52.6, according to the trade group of the nation’s purchasing managers. Any reading above 50 indicates expansion.

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Copyright 2012 Liberaland
By: Cheston Catalano

Cheston Catalano is a Kentucky-based journalist whose work has been featured in the Chattanooga Times Free Press and the Clarksville Leaf Chronicle. He is a long-time contributor to Liberaland.

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