The Labor Department said today that unemployment claims fell by 43,000, more than anticipated to 440,000 for the week ended February 6th. This implied that less people are losing jobs on account of the nascent recovery. Many economists had forecast claims would fall to 465,000.
Bloomberg.com: The fastest pace of growth in six years last quarter means the economy may be poised to add jobs as companies restock shelves to keep pace with increased sales. The Obama administration today projected payrolls will grow by 95,000 a month on average this year, indicating it will take a long time to recover the 8.4 million jobs lost since the recession began.
“Healing is under way, but this process will take time,” said Raymond Stone, managing director of Stone & McCarthy Research Associates in Skillman, New Jersey, who correctly forecast the drop in claims. “We are moving in the right direction and I think we will see some job growth” in coming months.
