U.S. Jobless Claims Drop to Eight-Year Low

Washington, DC, July 24, 2014—Jobless claims in the week ending July 19 fell by 19,000 to a seasonally adjusted 283,000, the lowest level since February 2006.

In a report issued by the U.S. Labor Department, new applications for unemployment benefits plunged last week. The four-week rolling average was down to 302,000.

Jobless claims have been trending lower in recent weeks, falling to levels last recorded prior to the economic recession. Employers have been adding more than 200,000 jobs each month since February.

The commerce department will release its GDP figure next week and some economists are calling for a 3% growth pace.