Contrary to what economists had originally predicted, jobless claims decreased last week by roughly 6,000 last week. Economists were is disbelief because they predicted an increase in jobless applications was more probable.
New claims feel to 361,000 for the week ended Aug 4. Close to the 370,000 that economist originally believed.
The decrease in jobless claims for last week combined with above-average job growth for July may set the stage for a more productive second half of 2012.
"There's a gradual improvement on the layoffs side. "Peter Newland, an economist in for Barclays Plc, expressed to Bloomberg. The second half "is not going to be spectacular, but it should be better than the first half."
July saw 163,000 jobs added to the economy, outpacing forecasters' expectations by more than 50%. Much of the job creation was in the food services and entertainment industries. New jobs in those industries can signify an uptick in discretionary spending and a strong sign for future economic growth.
In addition to the decreased jobless claims, T-Mobile says it wants to hire as many as 180 sales representatives and customer service associate at its Chattanooga, Tenn. Customer care center before the end of the year. If T-Mobile does manage to hire 180 new employees, it will boost the economy of Tennessee just a bit.
As the economy continues to have a seesaw effect on the job market, it will more than likely be one of the major issues that will continue to have to be addressed before the November elections.
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