Pasadena, CA -- (SBWire) -- 08/15/2011 --It had been really hard to see improvement in the labor market in the last few months. The jobless rate, in July, was reported at 9.1 percent, in the United States.
The US Labor Department said that the labor market is gradually improving with the decline in the application for unemployment aid. The initial claims for jobless benefits were 400,000 in the week ending in July 30. It is said to have decreased by 1,000 from the previous week's revised figure according to the Labor Department.
According to the Labor Department's report in the week ended July 16, about 7.57 million people have received some kind of government benefit which is 75,192 down from the prior week. All this is pointing towards a marginal improvement in the labor market.
A senior US economist at UBS Securities LLC believes that claims declining are good sign directing that things probably aren't getting worse in the labor market.
The expectation of jobless rate being steady at 9.2 percent is because of the increase in nonfarm payrolls to 85,000 last month, according to a Reuters' survey.
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The US Labor Department said that the labor market is gradually improving with the decline in the application for unemployment aid.