New Jobless Claims Lowest Since April
Posted on July 28th, 2011 by Julian Kirby | Tags: April
The number of people seeking unemployment benefits dropped last week to the lowest level since early April, a sign the job market may be healing after a recent slump.
The Labor Department said Thursday that weekly applications fell 24,000 to a seasonally adjusted 398,000. That’s the first time applications have fallen below 400,000 in 16 weeks.
The four-week average, a less volatile measure, dropped to 413,750, the lowest since the week of April 23.
Applications had fallen in February to 375,000, a level that signals healthy job growth. But they then surged to an eight-month high of 478,000 in April and have declined only slowly since then.
Temporary Closings At Auto Plants A Factor
Some of the drop may reflect special factors. Applications rose earlier this month because of temporary layoffs in the auto and other manufacturing industries, which are ending. Many auto companies close their factories in early July to prepare for new models.
Analysts forecast that the economy grew in the April-June quarter by only 1.7 percent, the second straight quarter of anemic expansion. The government reports on second-quarter growth Friday.
Tracking Jobless Claims
New weekly claims; seasonally adjusted, in thousands
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