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US jobless claims fall as unemployment tumbles to 28-year low

Raft of upbeat economic data support an interest rate hike next month

Reuters  |  Washington 

New applications for US jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack. The economy's brightening prospects were further boosted by other data on Thursday showing a sharp acceleration in factory activity in the mid-Atlantic region this month. While the raft of upbeat economic data support an interest rate hike next month, the Federal Reserve's decision will also hinge on the state of financial markets, which have been rattled in recent days by ...

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