Marking four straight weeks of declines, jobless claims reached their lowest level in more than six months, coming in below expectations, while worker productivity jumped to its highest levels in three years, a new Labor Department report shows, per Reuters.
Jobless claims fell 13,000 to 216,000 in the week starting August 28th, according to reports, the lowest level since February 11th. Last week’s job creation report showed better-than-expected growth with downward modification on previous reports, increased wages, and growing labor participation rates. Combined, the data demonstrate a job market with strong foundations devoid of signals of a reversal in the near future.