WASHINGTON, Sept 16 (Reuters) – U.S. claims for
unemployment benefits unexpectedly fell last week, dropping to
a two-month low, according a government report on Thursday that
hinted at some stability in the labor market.
Initial claims for state unemployment benefits slipped
3,000 to a seasonally adjusted 450,000, the lowest since the
week ended July 10, the Labor Department said.
Analysts polled by Reuters had forecast claims rising to
460,000 from the previously reported 451,000 the prior week,
which was slightly revised up to 453,000 in Thursday’s report.
A Labor Department official said data for only two states
had been estimated for last week’s report. The four-week
average of new jobless claims, considered a better measure of
underlying labor market trends, dropped 13,500 to 464,750.
The second straight week of declines pulled claims for
unemployment benefits further away from a nine-month high of
504,000 touched in mid-August and claims are now in the upper
end of a 400,000-450,000 range that analysts say is associated
with sustainable job growth.
The impaired labor market, characterized by a 9.6 percent
unemployment rate, is hobbling the economy’s recovery from its
most painful recession since the 1930s.
unemployment benefits unexpectedly fell last week, dropping to
a two-month low, according a government report on Thursday that
hinted at some stability in the labor market.
Initial claims for state unemployment benefits slipped
3,000 to a seasonally adjusted 450,000, the lowest since the
week ended July 10, the Labor Department said.
Analysts polled by Reuters had forecast claims rising to
460,000 from the previously reported 451,000 the prior week,
which was slightly revised up to 453,000 in Thursday’s report.
A Labor Department official said data for only two states
had been estimated for last week’s report. The four-week
average of new jobless claims, considered a better measure of
underlying labor market trends, dropped 13,500 to 464,750.
The second straight week of declines pulled claims for
unemployment benefits further away from a nine-month high of
504,000 touched in mid-August and claims are now in the upper
end of a 400,000-450,000 range that analysts say is associated
with sustainable job growth.
The impaired labor market, characterized by a 9.6 percent
unemployment rate, is hobbling the economy’s recovery from its
most painful recession since the 1930s.