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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (460839)	9/18/2003 10:29:59 AM
From: Bald Eagle	Read Replies (4) \| Respond to of 769667

UNEMPLOYMENT DROPPING U.S. Jobless Claims Show First Drop in Four Weeks By Jeff Bater WASHINGTON -- The number of U.S. workers filing first-time applications for unemployment benefits fell more than expected last week, taking their first slide in a month. Initial jobless claims decreased by 29,000 to 399,000 in the week that ended Sept. 13, the Labor Department (news - web sites) said Thursday. The four-week average, which smoothes out weekly fluctuations, advanced by 2,000 to 410,750. The size of the decrease was a surprise on Wall Street. The median estimate of 13 economists surveyed by Dow Jones and CNBC called for claims to fall by 12, 000. Economists say numbers above the 400,000-claim threshold indicate a weakening labor market, while a figure below that level indicates a stabilizing market. The economy grew 3.1% during the second quarter, more than twice its pace in the first quarter. Analysts expect an even better third quarter as government tax relief frees up money for consumer spending. But while the economy gains steam, the labor market is floundering. U.S. employers slashed jobs a seventh straight month in August, with non-farm business payrolls falling 93,000 in a surprising tumble that elevated the total of job losses since the start of the year to 431,000. In its report Thursday, the Labor Department said the number of workers drawing unemployment benefits for more than a week increased in the week ended Sept. 6, the latest period for which those statistics are available. Continuing claims rose by 39,000 to 3,683,000. The unemployment rate for workers with unemployment insurance held steady at 2.9%. In all, the Labor Department said, 24 states and territories reported an increase in unadjusted initial claims for the week of Sept. 6, while 28 reported a decrease. One state had no change. California reported the biggest decrease, a drop of 4,916 that it attributed to fewer layoffs in the trade industry. Pennsylvania reported the biggest increase, saying the number of claims rose by 3,526 because of layoffs in the construction, primary metals, industrial machinery, transportation equipment and manufacturing industries. The Labor Department revised its preliminary estimate of initial claims for the week of Sept. 6, raising it by 6,000 to 428,000. The department routinely revises its initial estimates.