Initial unemployment claims fell more than expected

The Associated Press is reporting some more positive news on the hiring front today, as new claims for unemployment fell more than expected across the country last week. This decline brought the four-week average of claims to its lowest level since September 2008, which was when the financial crisis intensified. This latest report from Washington is another encouraging sign that the economy is getting closer to generating job gains.

According to the AP, the Labor Department announced that first-time claims for jobless benefits dropped by 14,000 to a seasonally adjusted 442,000, which was below analysts’ estimates of 450,000 according to Thomson Reuters. If seasonal adjustments are excluded, initial claims fell by more than 30,000 last week to 405,557.

This latest report contributed to a rise in the stock market, as the Dow Jones industrial average rose more than 119 points before paring some of those gains later in the day.

Since I provide operational support and recruiting support to OpenView‘s expansion stage companies, I certainly hope that others will soon see the job growth that I am witnessing within our portfolio.