The number of Americans filing new claims for unemployment benefits last week dropped to a fresh one-year low, suggesting layoffs were subsiding and strengthening expectations for another month of blockbuster job growth in April as a re-opening economy unleashes pent-up demand. But the labour market recovery has a long way to go, with the report from the Labor Department yesterday showing at least 17.4mn people were collecting unemployment checks in early April, a sign that long-term joblessness was becoming entrenched. “While new layoffs have slowed considerably, they are still nowhere near the level associated with a stable labour market,” said Andrew Stettner, senior fellow at The C
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