As the economy in the United States continues to rebound the number of Americans filing claims for unemployment benefits fell last week. Today, the Labor Department reported that the initial jobless claims dropped by 24,000 to 456,000 in the week ended April 17. The number of people receiving unemployment insurance and those getting extended benefits also fell.
The unemployment rate among people who are eligible to receive the benefits dropped to 3.6 percent in the week ended April 10 from 3.7%.
Fed chairman Ben S. Bernanke recently said, “Consumer spending should be aided by a gradual pickup in jobs and earnings, the recovery in household wealth from recent lows, and some improvement in credit availability.” However, he went on to say that “a significant amount of time will be required to restore the 8 1/2 million jobs that were lost during the past two years.”
Gregory Menges is a founder of Boston Independent Advisors. Greg is a seasoned financial advisor with more than 15 years experience serving individuals, families, business owners, and company sponsored retirement plans. All securities offered through Investors Capital Corp., Member FINRA/SIPC -- Advisory Services offered through Investors Capital Advisory.
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