Jobless Claims in U.S. in Past Month Drop to Eight Year Low

Fewer Americans filed applications for unemployment insurance benefits over the past month than at any time in more than eight years, signaling employers are hanging on to workers as demand improves.

The four weeks average of jobless claims, considered a less volatile measure than the weekly figure, dropped to 297,250, the lowest since April 2006, from 300,750 the prior week.

Claims in the period ended July 26 climbed to 302,000, in line with the median forecast of economists surveyed by Bloomberg, from a revised 279,000 the prior week that was the lowest since 2000.

Federal Reserve officials yesterday continued to pare monthly asset purchases as the job market strengthens and the threat of disinflation diminishes. Nonetheless, policy makers said the labor market still has plenty of room for improvement, even after a drop in unemployment.

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