The number of people filing for unemployment benefits for the week ending on Nov. 20 declined by 34,000 from the week before to 407,000, a number significantly less than the consensus estimate of 435,000 that many analysts had predicted.
The amount of people in the U.S. seeking employment has been on the decline overall since hitting a peak of 651,000 in March of 2009.
John Silvia, chief economist at Wells Fargo, reacted to the news saying, “the labor market is clearly improving, we’re seeing consistent job gains in the private sector. This suggests we’ll have a good holiday spending season.”
U.S. stocks rose ending a tw0-day decline on the Standard & Poor’s 500 index shortly after the news was released.