Jobless Claims Drop To Three-Month Low

The labor market may be starting to heal after unemployment applications fell to the lowest level in three months. People receiving extended payments fell and people receiving unemployment insurance fell to a two-year low.

Consumer spending is also gaining momentum which accounts for 70 percent of the US economy. Companies are talking about increasing payroll coming into the holiday season.

About 20% of states and territories reported an increase in claims, with 80% reported a decline. This does not necessarily signal the US economy has turned a corner, but it is a good sign.

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