Unemployment Claims Declines, Jobs Cuts Decrease in July
The number of people filing for unemployment claims in the US has dropped significantly giving hopes to majority of the Americans that the economy may soon be one its way back to stability. The survey also showed that job cuts for July was lower.
A new data from the US Labor Department showed a significant decrease in the number of people filing for unemployment claims and job cuts has also decreased in July, lifting the already battered morale of the American people.
Economists said that the improvements in the labor market were one of the very few positive economic results amid the worst recession.
They also projected that only 340,000 jobs cuts will be recorded in July, which a major improvement compared to June’s 467,000 and the demoralizing 741,000 cuts in labor forces in January.
The job cuts in the opening of the year was the worst recorded since 1949.
Meanwhile, the Labor Department said that there was an increase in the unemployment claims last week. But the agency said that there is nothing to worry about since it is mostly because of seasonal distortions.
But despite the gloomy results on the economy, several economists working closely with the agency said that they expect several increases in the number of jobs lost until next year.
They said that most of the players in the business are just waiting for the right moment before they can resume full operations, which helps keep the economic recovery slow.
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