(Reuters) - The number of Americans filing new claims for unemployment benefits fell last week and job cuts declined sharply in December, suggesting the labor market is tightening.
Thursday's reports support views of faster growth this year, driven by consumer spending, despite a faltering global economy.
"Labor market conditions continue to improve, providing support for consumers and contributing to a virtuous cycle for the economy," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan.
Initial claims for state unemployment benefits slipped by 4,000 to a seasonally adjusted 294,000 for the week ended Jan. 3, the Labor Department said. Full Story
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