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US jobless rates dip to lowest level since January 2008

Number of Americans applying for jobless benefits fell by 19,000 in the week ending on July 27th, the lowest levels seen since early 2008.

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Job seekers go through an orientation at a job fair. Unemployment has been holding steady but the majority of jobless Americans are no longer receiving benefits. (Justin Sullivan/Getty Images)

US jobless rates have dipped to their lowest rate of January 2008, in figures that have surprised many economists with their positivity. 

New Department of Labor statistics found that the number of Americans seeking jobless benefits fell from 19,000 to 326,000 in the week that ended on July 27th, rates that haven't been since January 2008, at the very begining of the recession.

Read more from GlobalPost: Obama proposes "grand bargain" for middle class jobs 

Economists had expected to see 345,000 more applications for benefits than were actually filed, wrote NBC, despite the naturally volatile nature of July jobs figures. 

Meanwhile, the more reliable four-week moving average for jobless claims fell by 4,500 to 341,250, indicating that the dip in applications is likely not a fluke. 

Continuing claims — for people already recieving benefits — fell by 52,000, eventually reaching a seasonally adjusted 2.95 million in the week that came to an end on July 20th. 

The good jobs report lends fuel to the widespread belief that the Federal Reserve will soon begin to "taper" its financial assistance towards the economy. 

 "The future growth outlook remains on a highly positive trajectory, keeping the September tapering timeline firmly intact despite the Fed's nod to below-target inflation," said economist Gennadiy Goldberg to Reuters. 

http://www.globalpost.com/dispatch/news/regions/americas/united-states/130801/us-jobless-rates-dip-lowest-level-january-2008