US jobless claims fall

Official figures show that the number of US workers filing new claims for jobless benefits last week fell for the second consecutive week to the lowest level since January.

The figures show that claims for state unemployment insurance fell to 502,000 in the week ended November 7, down from the revised 514,000 the previous week.

According to Gary Thayer, chief macrostrategist for Wells Fargo Advisors in St. Louis: “It shows that companies are cutting jobs at a slower pace than during the financial crisis.”

The US Labor Department revealed last week that the world’s largest economy lost a worse-than-expected 190,000 jobs during the month.

The latest figures took the unemployment rate to 10.2% in October, up from 9.8% the previous month and represents the highest level since April 1983.

President Barack Obama described the rise in unemployment as “sobering” adding: “I will not rest until all Americans who want work can find work.”

The President said his administration is considering a number of options to encourage job growth, with measures including new business tax cuts and increasing Government infrastructure spending.

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