Labor Department Report - Lowest Level of Jobless Claims since May 2008 Boosts Stocks
Signs of strengthening economy are consistent and hopeful as stock market shows largest single-day gain in three months.
- (1888PressRelease) March 05, 2011 - March is many times characterized as a month of changing weather. This year, the first days of March are bringing significant change in the reduction of the number of jobless claims triggering impressive stock market advances.
The Department of Labor today released its jobless claims report containing encouraging figures. The initial claims of unemployment benefits fell by 20,000 to 368,000 claims in the week ending Feb. 26. The four-week initial claims average fell by 12,750 claims, down to 388,500 claims filed. Additionally, this is the lowest level of jobless claims since May 2008. With jobless claims declining below 400,000 for four weeks in a row, the mending of our economy appears to consistently wax positive.
One of the most significant indicators of possible additional positive employment news on the horizon is the fact that the total number of individuals relying on unemployment benefits fell to the lowest level since the recovery began. This important statistic showed a reduction of 59,000 individuals for a total of 3,774,000 individuals on unemployment compensation across the country.
As a forerunner of the positive statistics from the Labor Department, a payroll company called Automatic Data Processing Inc. released a report noting that private employers added 217,000 new jobs in the month of February. This report, issued yesterday, March 2, prior to the news from the governmental Labor Department statistics today, was a better-than-expected finding predicting optimistic private hiring trends ahead.
Reacting to the reduction in unemployment claims info from the Labor Department, the Dow Jones industrial average experienced 191 points of growth, a 1.6% change, bringing the Dow stock index to12, 258 points.
In addition to the positive move of the Dow, the Standard and Poors 500 index grew by 22.5 points, to experience a change of 1.7% on Thursday, moving to 1331 points. The most significant percentage change was the technology stocks from the Nasdaq composite index, this was elevated by almost 51 points by the end of the day, a change of 1.9%, bringing this index to 2799 points.
While we may have a long way to go to makeup for all of the jobs lost over the last two to three years, we appear to be consistently on the right track.
Job Service Help maintains a helpful human resource website and blog of current issues affecting the employment market. Discounts, coupons and promotions are also available for monster.com on their website at http://www.jobservicehelp.com.
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