Unemployment Claims Down, but Still At Recessionary Levels
The U.S. government released four new reports today which further highlight the tough economic challenges the country is facing:
- The number of people claiming unemployment insurance dropped by 60,000 to 3.96 million. Although there is speculation on the cause of the drop, the number of claims remains at recessionary levels.
- Consumer spending decreased by a full percentage point in October, worse than expected.
- There were significant declines in the manufacturing sector, as orders for durable goods fell 6.2%, more than double what was expected by economists.
- New home sales also fell 5.3% to the lowest level since January 1991.