Source: Hibah Yousuf / CNN Money
New York – The number of first-time filers for unemployment insurance fell for a second straight week last week, but the level suggests that the labor market remains sluggish.
There were 472,000 initial jobless claims filed in the week ended Aug. 28, down 6,000 from an upwardly revised 478,000 the previous week, according to the Labor Department’s weekly report.
Economists surveyed by Briefing.com were expecting 475,000 new claims.
“This report is a step in the right direction, but this range is not where we want to stay,” said Robert Dye, senior economist at PNC Financial Services. “Labor market conditions are stabilizing, but we’re not generating as many jobs as we would like to since economic activity has stalled.”
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