The number of people filing initial jobless claims dropped for the second week in a row, falling to 450,000 claims. It’s the lowest level seen in initial claims in two months.
The number fell by 3,000 after the previous weeks estimate was revised to 453,000 claims. Economists surveyed by Bloomberg expected the claims to jump up to 460,000.
While the number of initial claims saw a modest drop, the amount of Americans filing for continuing claims plummeted by 84,000 to 4.49 million for the week ending September 4.
“The labor market is slowly getting back on track,” said senior economist at Moody’s Economy.com Ryan Sweet to Bloomberg. “Businesses are still cautious about hiring, but the strong recovery in profits is giving firms the cash flow they need to invest.”