Unemployment Benefit Claims Plummet

The job market picked up some more good news today, as a series of new reports by the Labor Department indicated the economy may be experiencing an uptick in job creation.

One reason for the increased optimism is that the number of people seeking unemployment benefits has drastically fallen.  According to information from USA Today, that number fell to 352,000, the lowest it has been since April 2008.  That was around the time the Great Recession began.  This news was the latest in a series of positive developments for the economy.

A spokesperson for the Labor Department cautioned that it is normal to see volatility in unemployment numbers during this time of year.  For example, the numbers jumped two weeks ago when companies laid off thousands of holiday workers.  Still, when weekly applications fall below 375,000, it is usually a sign that hiring is strong enough to push down the unemployment rate.  Unemployment currently stands at 8.5 percent.

You can read more about this news in USA Today.