Weekly Jobless Claims Fall [View All]

[mahatmakanejeeves]

Source: The Wall Street Journal.

July 8, 2010 9:36 a.m.
By SARAH N. LYNCH And JEFF BATER

The number of U.S. workers filing new claims for unemployment benefits fell last week by 21,000 to 454,000, more than analysts expected.

In its weekly report Thursday, the Labor Department said the number of U.S. workers filing initial claims for jobless benefits declined by 21,000 to 454,000 in the week ended July 3. Economists surveyed by Dow Jones Newswires had expected claims would fall by 12,000. That last time claims dropped by so much was in mid-April.
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Even with this latest decline in weekly claims, the numbers still aren't low enough to signal major improvement in job market conditions. Many people still remain out of work, and in recent weeks economists have grown increasingly worried that U.S. growth may start to slow down in the second half of the year.

Last week's monthly jobs report provided no sign of any near-term improvements. The Labor Department reported a decrease of 125,000 nonfarm payrolls in June as temporary government work for many Census employees came to an end. Although the unemployment rate fell slightly to 9.5%, it has been attributed to a drop in the work force and not a sign of better labor conditions.

Read more: http://online.wsj.com/article/SB10001424052748704111704575354662536016680.html