New York CNN —US stocks surged Thursday after new data on the labor market suggested that the economy may not be headed into the downward spiral that traders feared. First-time claims for unemployment benefits fell last week to 233,000 from the prior week’s upwardly revised total of 250,000, according to Department of Labor data released Thursday. “Anything in that range tends to suggest a fairly healthy labor market,” wrote economist Joseph Brusuelas on X Thursday morning. Weekly jobless claims data can be highly volatile and is frequently revised. Fears of a downturnThe latest jobs numbers come as Wall Street attempts to bounce back from a market plunge that was mostly triggered by the weaker-than-expected July jobs report.

Source: CNN August 08, 2024 20:04 UTC