U.S. jobless claims fall to lowest level since Sept. -
Wednesday, November 24, 2004 2:41:42 PM
afxpress.com
WASHINGTON (AFX) - Initial claims for state unemployment benefits fell unexpectedly to 323,000 last week, down 12,000 from a week earlier, the Labor Department said Wednesday
It's the lowest level since the week ended Sept. 4. The size of the decline was unexpected. Economists were expecting only a slight decrease in initial claims, by 1,000 to 333,000 in the week ended Nov. 20, according to a survey conducted by CBS MarketWatch. The four-week moving average of new claims, which smoothes out distortions caused by one-time events such as weather, fell 6,750 to 332,000
The Labor Department says the four-week average provides a more accurate snapshot of the labor market's strengths and weaknesses
This is the lowest level of the four-week moving average since the week ended Nov. 18, 2000
Meanwhile, the number of former workers receiving state unemployment checks fell by 29,000 to 2.76 million in the week ending Nov. 13. This is the lowest level of continuing claims since the week ended May 5, 2001
The four-week average of continued claims dipped to a three year low of 2.79 million
The insured unemployment rate, representing the percentage of eligible workers who are receiving benefits, remained at 2.2 percent. This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com |
