Encouraging news from the job market pushed the stock market up early Thursday, putting the Standard & Poor's 500 index near its all-time high. The S&P 500 rose seven points to 1,561 -- just four points away from the high it hit in October 2007 -- before retreating marginally after 10 a.m.
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, the latest indication the labor market recovery was gaining traction.
U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7 percent from 7.9 percent in January. Stronger hiring shows businesses are confident about the economy, despite higher taxes and government spending cuts.
U.S. stock futures are heading higher for the third straight day with a raft of economic indicators on tap, ranging from jobs and consumer debt, to productivity and international trade.
The number of Americans filing jobless claims fell more than expected last week, suggesting some traction in the labor market recovery. Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 344,000, the Labor Department said on Thursday.
Stock futures are moving higher with new data expected to show fewer Americans seeking unemployment benefits and another rise in consumer borrowing.
The number of Americans filing new claims for unemployment benefits fell to its lowest since the early days of the Great Recession, a hopeful sign for the sluggish labor market. Initial claims fell 5,000 to a seasonally adjusted 330,000.
The number of Americans filing new claims for unemployment benefits dipped sharply to a five-year low last week, a hopeful sign for the labor market. Initial claims for state unemployment benefits fell 37,000 to a seasonally adjusted 335,000 -- the largest weekly drop since February 2010.
The number of Americans filing new claims for unemployment benefits rose by 4,000 last week, but seasonal volatility makes it difficult to get a clear picture of the labor market's health. The prior week's figure was revised to show 5,000 fewer applications than previously reported.
More Americans sought unemployment benefits last week, though the winter holidays likely distorted the data for the second straight week. The Labor Department says weekly applications rose by 10,000 to a seasonally adjusted 372,000 in the week ended Dec. 29.
Initial applications for unemployment benefits fell by 29,000 last week to a seasonally adjusted 343,000, the lowest level in two months. That's also the second-lowest total this year, and a sign that the job market may be improving.
The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.
The number of Americans filing new claims for unemployment benefits fell for a third straight week last week, but still remain too volatile to offer a clear signal on labor market conditions. Initial jobless claims dropped 25,000 to a seasonally adjusted 370,000.
The number of Americans filing new claims for unemployment benefits dropped for a second straight week last week, unwinding some of the surge related to Hurricane Sandy, which has muddled the labor market picture. Initial claims dropped 23,000 to a seasonally adjusted 393,000.
U.S. stock futures are moving higher on optimism over a deal on the U.S. budget ahead of a high-level meeting between the Treasury chief and Senate leaders, as well as improving unemployment and economic growth numbers.