(WASHINGTON) — A report from the U.S. Department of Labor on Thursday showed jobless claims dropping for the week. The number of people applying for unemployment benefits fell 23,000 to a level consistent with solid job growth.
The four-week average of those applying for unemployment benefits ticked down just 500 to 339,500. These claims figures are one indicator of a strengthening job market.
The jobs market still has a ways to go — employers need to add thousands of more jobs to significantly bring the unemployment rate down.
The housing recovery, though, is playing its part in the job market; the demand for new construction means there will be more jobs created in this sector.
Housing is one part of the massive U.S. economy. To have a truly convincing recovery there needs to be similarly good news from other parts of the economy.
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Seth Fiegerman, CNN