Friday, August 9, 2013

Gauge of U.S. layoffs falls to pre-recession level

The four-week average of new claims for state jobless benefits dropped to 335,500, the Labor Department said on Thursday. The reading has not been that low since November 2007, just before the United States fell into a calamitous recession.

Now it appears that a long cycle of aggressive layoffs, which had fueled a surge in unemployment and helped shape two presidential elections, is over.

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