Overall, the number of new people filing for unemployment has dropped a considerable amount in the last 5 months. In June a total of 600,000 claims were reported. Economists are looking for a sustained decline in initial claims for unemployment below 450,000. If this occurs, things would look a lot brighter for the US job market.
This is the 4th time in the last 5 weeks that there has been a decline. Economists who were polled earlier this week expected a rise in unemployment claims, however they were pleasantly surprised when the opposite was reported this morning. The Dow Jones Industrial Average is up 40 points in pre-market trading this morning, as hope for a slow recovery continue to be on the minds of traders.
