Following suit from last week's surprise unemployment claims data, this week's report also beat out forecasts, revealing only 400,000 new claims for unemployment benefits this week. The numbers are not stellar by any means, but a slowdown in unemployment insurance claims signals a modest strengthening of the US job market.
ADP's report on Wednesday regarding private sector job growth also revealed a major upswing in job creation. Forecasts had anticipated approximately 100,000 new jobs. The actual report came in at 118,000 new jobs. That also marks 14 consecutive months of job growth in the private sector. Some could hold this data up as a rebuke to criticism of President Obama's handling of the economy during the worst recession since 1929, but that is a matter for future historians to debate.
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