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U.S. business productivity in the third quarter grew at the fastest pace in six years and new claims for jobless aid fell to a 10-month low last week, indicating the decline in labor market may be hitting bottom.
The number of U.S. workers filing new claims for jobless insurance hit a nine-month low last week and retailers reported their first monthly sales gain in over a year on Thursday, easing fears that recovery from recession would be unsustainable.
The number of newly laid-off workers filing initial claims for jobless benefits last week fell to lowest level since early January, largely due to changes in the timing of auto industry layoffs.
The total number of people on the unemployment insurance rolls has dropped for the first time since early January, while first-time claims for benefits rose slightly.
The number of newly laid-off Americans filing jobless claims fell more than expected last week and retail sales grew in May for the first time in three months, fresh evidence that the worst of the recession may have past.
New orders for long-lasting U.S. manufactured goods saw their biggest gain in 16 months in April and fewer workers filed for new jobless benefits last week, according to data on Thursday that suggested the deep recession was abating.