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New claims for unemployment benefits dropped sharply in the latest week, The Labor Department said Thursday, giving the jobs market one of its first positive signals in some time.
U.S. stocks plunged Friday, erasing the week's gains, as rising fears about fallout from Europe's debt crisis overshadowed President Barack Obama's plan to revive the U.S. job market.
The nation's job market took a turn for the worse last month as employers sharply pulled back their hiring and the unemployment rate edged up to 9.1%, the Labor Department said Friday.
U.S. Federal Reserve officials are increasingly confident of the economic recovery but remain unsatisfied with the healing of the job market, minutes of their January meeting released on Wednesday showed.
The Consumer Confidence Index rose in January to its highest level in eight months with Americans growing a little more confident about the job market and business conditions.