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Jobless Rate Down Unexpectedly – Again

From Associated Press:

Jobless claims fall for second straight week


WASHINGTON – The number of newly laid-off workers seeking unemployment benefits fell more than expected last week, the second straight drop from a six-year high, according to government data released Thursday.

The Labor Department reported that applications for jobless benefits dropped to 432,000, down by 13,000 from the previous week. It was a bigger improvement than analysts expected.

But claims remain elevated compared with recent years. The four-week average climbed to 445,750, the highest level in almost seven years.

Unemployment claims have increased in the past several weeks, partly reflecting an outreach effort by the Labor Department to notify people of a 13-week benefit extension approved by Congress in June. The action has turned up some people eligible to file new claims, according to the department…

Of course we won’t know what to make of these tidings until we hear from the AP’s premier business Nostradamus, Jeannine Aversa.

She is sure to find some dire omens in this news.

This article was posted by Steve on Thursday, August 21st, 2008. Comments are currently closed.

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