Inital Jobless Claims Fall to 388K During Holiday Week, 29-Month Low
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Initial jobless claims dropped to the lowest level since July 2008, which could mark a sign that the labor market is improving heading into the new year.
The Labor Department reported Thursday that initial jobless claims declined 34,000 to 388,000 for the week ended on Christmas, well below the economist forecast of 415,000.
The agency said that there were no special factors behind the drop, a good sign for the jobs market that this is the beginning of a trend and not an unnatural occurrence. The Christmas holiday did leave Americans one less day than normal to file for benefits.
The Labor department also revised the previous week's figures to 420,000 from 422,000. The four-week moving average, which is a less-volatile measure, dropped to 414,000 last week, which is the lowest level since July 2008.
The number of Americans continuing to receive jobless benefits rose by 57,000 in the week ended December 18 to 4.13 million, which does not include those receiving extended benefits under federal programs.
The Labor Department reported Thursday that initial jobless claims declined 34,000 to 388,000 for the week ended on Christmas, well below the economist forecast of 415,000.
The agency said that there were no special factors behind the drop, a good sign for the jobs market that this is the beginning of a trend and not an unnatural occurrence. The Christmas holiday did leave Americans one less day than normal to file for benefits.
The Labor department also revised the previous week's figures to 420,000 from 422,000. The four-week moving average, which is a less-volatile measure, dropped to 414,000 last week, which is the lowest level since July 2008.
The number of Americans continuing to receive jobless benefits rose by 57,000 in the week ended December 18 to 4.13 million, which does not include those receiving extended benefits under federal programs.
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