It was uplifting mews for the labor market today as the U.S. Labor Department announced those signing up for jobless benefits dropped last week, showing that companies aren't thinking in terms of layoffs at this time, even though problems in the credit and housing markets could expand.
For the week ending November 17, new unemployment applications dropped 11,000, to finish at 330,000. Last year at the same time, new claims were at 322,000. So you don't get confused, last years' numbers are only for contrast, they aren't related to the 11,000 drop, which is talking weekly, not yearly.
Omair Sharif, an economist at RBS Greenwich Capital, said concerning the numbers, "We continue to believe that most statistical and anecdotal evidence continue to point to a relatively healthy labor market."
Considering the pressures on the economy, so far it has proven very resilient to the credit and housing pressures. Not only the employment status of the nation, but wages growing and new job creation have helped keep things in balance.
Unemployment for the civilian market continues to be at a very low level in accordance with historical standards. It now stands at 4.7 percent.
Sectors influenced by the housing and credit industries have been struggling during this time, as manufacturing, construction and mortgage banking have bee struggling from the weaknesses in the market.
According to the Federal Reserve, they expect the unemployment rate to grow to between 4.8 and 4.9 percent in 2008.
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