Unemployment Breaking News: U.S. Jobless Claims Drop to 5-1/2 Year Low

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Unemployment Breaking News: U.S. Jobless Claims Drop to 5-1/2 Year Low

by Wochit 0:55 mins

Unemployment Breaking News: U.S. Jobless Claims Drop to 5-1/2 Year Low

by Wochit 0:55 mins

The number of Americans filing new claims for unemployment benefits fell unexpectedly last week, touching a 5-1/2 year low, suggesting a steadily improving labor market. The Federal Reserve says the U.S. economy is growing modestly, a downgrade from its June assessment. The Fed expects growth will pick up in the second half of the year, but the more cautious message may signal it's not ready to slow its bond purchases soon. The Spain's National Statistics Institute says the Spanish economy contracted by a quarterly rate of 0.1 percent. But the Spanish government claims its reforms and austerity measures are paying off, predicting the economy could start growing again next quarter.

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