US activity on the rise

EMPLOYMENT and economic activity data suggests the US economy is on the up.

Applications for unemployment benefits have dropped to their lowest level since November 2007.

The number of unemployment claims made in the month to August 17 fell to 330,500 a week on average, according to the US Labor Department.

Meanwhile, the index of US leading indicators, a measure of economic activity, rose 0.6% in July – its highest level in three months.

The leading index was boosted by a rise in stock prices, an increase in lending, and a drop in the number of firings.

Sales of appliances also increased, indicating recovery in the housing market is filtering down to other areas of the economy.