17 Feb '12, 3am

US unemployment falls to its lowest in nearly four years

WASHINGTON - The number of Americans filing for new unemployment benefits unexpectedly fell to a near four-year low last week, suggesting the labour market recovery was quickening. Other data on Thursday showing solid expansion in factory activity in the Mid-Atlantic area this month and builders breaking more ground on new residential projects in January offered more evidence of a sustained momentum in the economy. "The numbers add to the belief that the economy is shifting gears. There is just no number that is giving us a whole lot of trouble, except for consumer spending," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. The reports are the latest in a series of fairly upbeat data and could prompt economists to further temper expectations of a sharp moderation in growth in the first quarter. Initial claims for state unemployment be...

Full article: http://www.todayonline.com/World/EDC120217-0000126/US-une...

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