Jobless claims hit four year low

Unemployment benefit claims dropped to a four year low nationwide last week.

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Unemployment benefit claims dropped to a four year low nationwide last week.

Initial claims for state unemployment benefits fell 5,000 to a seasonally adjusted 348,000, the lowest level since February 2008, the Labor Department said on Thursday.

“The economy is entering a phase where more of the gains from growth accrue to labor rather than capital and we believe that stronger job creation will be sustained throughout 2012,” said John Ryding, chief economist at RDQ Economics in New York.

Read more at Reuters.

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