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U.S. initial jobless claims fall to 8-year low
Last Updated: 2014-07-24 21:17 | Xinhua
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The number of Americans initially applying for unemployment aid fell to an eight-year low level last week as the labor market kept improving, according to the U.S. Labor Department on Thursday.

In the week ending July 19, the advance figure of seasonally adjusted initial claims for jobless benefits decreased to 284,000, 19,000 less than the revised level of the previous week.

This is the lowest level for initial claims since Feb. 18, 2006.

Meanwhile, the four-week moving average, which helps smooth out week-to-week volatility, edged down by 7,250 to 302,000 last week.

The advance figure of seasonally adjusted insured unemployment during the week ending July 12 decreased 8,000 from the previous week to 2,500,000, the lowest level since June 16, 2007.

In the eyes of economists, initial claims for jobless benefits reflect the latest firings in a week. A decrease or keeping at a low level is a good signal for job market.

The Labor Department said earlier this month that the nonfarm payroll employment increased by 288,000 in June, posting the fifth consecutive month with job gains above 200,000, much higher than economists' expectation of 215,000.

The unemployment rate declined from 6.3 percent to 6.1 percent, the lowest level since September 2008, indicating that the job market was improving.

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