U.S. jobless claims fall to nearly 3-year low
(...another Demoncrat gripe going down the tubes...)
WASHINGTON, Dec 31 (Reuters) - New applications for U.S.
state jobless benefits hit the lowest level in nearly three
years last week, the government said on Wednesday, boosting
hopes that employment is finally beginning to show sustained
growth.
The Labor Department said 339,000 idled workers filed for
unemployment insurance at state offices throughout the country
in the week ended Dec. 27, down from a revised 354,000 a week
earlier.
The level of new claims was the lowest since President
George W. Bush's inauguration on Jan. 20, 2001.
First-time jobless claims were much lower than Wall Street
economists' forecast for 355,000 claims. The department
originally reported new claims for the week ended Dec. 20 at
353,000.
The fall in initial claims takes the four-week moving
average to its lowest since Feb. 10, 2001.
The widely watched four-week moving average, regarded by
economists as a truer reflection of the labor market than the
more volatile weekly figure, fell to 355,750 from 362,250.
Overall claims data have been inching lower since October
and have fallen for three straight weeks. This could point to
keeping a lid on a 5.9 percent U.S. jobless rate for December.
According to a Reuters' poll, analysts estimated that
125,000 new jobs were created in December, accelerating from
the increase of 57,000 reported for November. The December
employment report will be released on Jan. 9.
However, the number of people continuing to claim a week of
benefits rose by 81,000 to 3.32 million, suggesting people are
still having a tough time finding work.
((Reporting by Nancy Waitz, editing by Neil Stempleman;
Reuters Messaging: nancy.waitz.reuters.com@reuters.net; 202 898
8410))
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