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Americans seeking Unemployment Benefits drops 42k

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Here is some good news for the economy, first time claims for unemployment insurance fell sharply last week in the biggest drop in more than a year.

The labor department data released today, shows the number of Americans seeking unemployment benefits dropped by 42,000.

This could be a sign that the job market is gaining strength, although seasonal work around the holidays usually clouds the numbers.

The U.S. economy has been showing signs of improvement in recent months to the extend that the federal reserve announced over a week ago it would reduce its stimulus spending on bonds by ten billion dollars to 75 billion dollars a month.