WASHINGTON: The number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
Last week's claims data falls during the same week the Labor Department conducts surveys used to estimate national employment during the month of August.The four-week average for new unemployment benefits claims was lower than the corresponding week in July, a positive signal for employment during the month.
While hiring has cooled, the pace of job gains remains well above the roughly 100,000 needed per month to keep up with growth in the working-age population.
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