Investing.com - The number of Americans filing for unemployment benefits fell more than expected last week, pulling back from a six-month high.
The data indicated that the recovery in the labor market recovery remains intact despite a sharp stock market sell-off and signs the economy has lost significant momentum.
Initial claims for state unemployment benefits dropped to a seasonally adjusted 278,000 in the week ended January 23 from 294,000 the prior week, the Labor Department said.
Economists had forecast claims falling to 282,000 in the latest week.
Claims have now remained below the 300,000 mark, which is associated with strong labor market conditions, for 47 straight weeks.