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Post by Galadon on Jul 8, 2004 11:36:57 GMT -5
Jobless claims lowest in nearly 4 years
WASHINGTON (Rueters - U.S. jobless claims staged an unexpectedly steep fall to the lowesr level in nearly four years with 30,000 fewer workers seeking aid, the government said on Thusday, but seasonal factors distored the report.
First-time claims for state unemployment insurance benefits plunged to 310,000 in the week ended July 3, down from a revised 349,000 the prior week, the labor department said.
It was th lowest level since 302,000 in the week ended October 8, 2000.
a Labor Department offcial said the seasonal adjustment method used to calculate the data had anticipated a surge in claims in the week for automakers' annual summer maintenance shutdowns. However, that rise did not occur in the week it was expected.
The official added that July tends to be a volatile month for claims overall.
Economist said the seasonal adjustment issue made it hard to draw broad conclusions from the fall, which was much steeper than the drop to 345, 000 anticipated in a Reuters poll.
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Post by Hussar on Jul 8, 2004 19:59:01 GMT -5
Well, it's still nice to hear good news once in a while.
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