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Until before the end of last week the jobless claims were approximately 363,000 which has been dropped to 340,000. The number of people applying for unemployment benefits has been ultimately dropped which is a surprise but welcome change.
It was expected to be improved to 345,000 by many experts. But the drop upto 340,000 is a clear evidence that the labor market is improving than expected.
Ben Bernanke who is Fed Chairman however deferred his opinion and said there is still scope of improvement in the labor market. He says there is still weakness in the labor industry and the policy makers has to come up with strong ideas to make sure the unemployment rate will further decline.
