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.
Several Federal Reserve policymakers warned last month that the Fed's plan to keep buying $85 billion in bonds each month until the job market is healthy could eventually escalate inflation, unsettle financial markets or cost the Fed money when it sells its investments.
Stock futures are moving higher with new data expected to show fewer Americans seeking unemployment benefits and another rise in consumer borrowing.
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Payroll processor ADP says that employers added 192,000 jobs in January. That is more than December's revised number of 185,000, which had initially been reported at 215,000.
U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting the cut to take-home pay nearly all working Americans were hit with after Washington allowed a temporary Social Security payroll tax holiday to expire.
When the Federal Reserve meets this week, it's likely to affirm a message it intends to help lift the economy: that consumers and businesses will be able to borrow cheaply well into the future -- even after unemployment has dropped sharply.
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 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.
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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.
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.
The number of people seeking U.S. unemployment benefits fell sharply by 41,000 last week to a seasonally adjusted 410,000, though the figure was elevated for the second straight week by Superstorm Sandy. But employment should rebound after the impact of the storm passes.