Jobless Claims Decline To 367,000

The week ended Jan. 28 saw new jobless claims fall more than expected—by 12,000 to 367,000, a level very near to what is considered growth by many economists.

The Labor Department announced today that roughly 7.6 million people were receiving continuing benefits or emergency extended benefits the week of Jan. 14, 1.7 million fewer people than were receiving benefits the same time a year ago.

Speaking of tomorrow’s Labor Department release of January jobs figures, economist Christopher Low told Reuters that today’s jobless claims figure “certainly suggests we will continue to see job growth at the higher end of the recent range (which has been between) 100,000 to 200,000.”

However, other analysts, including the CBO, have said that the unemployment rate may remain above 8 percent until 2014, so it may be too early to break out the champagne.