Victoria Stilwell of Bloomberg reports that:

Fewer Americans filed applications for unemployment benefits last week, sending the average over the past month to an eight-year low, a sign the labor market continues to gain momentum. Jobless claims decreased by 14,000 to 289,000 in the week ended Aug. 2 from 303,000 in the prior period, a Labor Department report showed today in Washington. The medianforecast of 47 economists surveyed by Bloomberg called for an increase to 304,000.

The long view remains (with exceedingly low labor force participation) remains somewhere between uncertain and troubling as:

Federal Reserve policy makers are monitoring the labor market’s progress as they wind down their stimulus program. The central bank has said there is still room for improvement, and “a range of labor-market indicators suggests that there remains significant underutilization of labor resources.”

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