kennyboy mentally depressed: Jobless Claims Plunge
Reuters
Thursday, October 20, 2005; 8:33 AM
WASHINGTON (Reuters) - The number of unemployed U.S. workers asking for initial jobless aid fell a larger-than-expected 35,000 last week on the back of fewer hurricane-related claims, the government said on Thursday.
First-time jobless claims, a rough guide to the pace of layoffs, fell for the second straight week, dropping to 355,000 the week ended October 15 from a revised 390,000 the previous week, the Labor Department said.
Labor attributed about 40,000 of the new claims to people put out of work by hurricanes Katrina and Rita, bringing the cumulative total of claims stemming from the storms to 478,000 since September 3.
The weekly number of claims fell farther than economists' forecast for 368,000, and was also down from the original reading of 389,000 the week ended October 8.
The closely watched four-week moving average of claims, which many consider a better measure of the unemployment situation because it flattens weekly volatility, also dropped for the second straight week.
The four-week moving average fell to 376,000 the week ended October 15 from 396,000 and to its lowest level in more than a month.
The number of people who remain on the benefit rolls after having already received a week of assistance rose 36,000 to 2.89 million in the week to Oct 8, the latest week for which figures are available. This was the measure's highest level since 2.90 million the week ended August 7, 2004. |
