New US Jobless Claims Tumble to 2-year Low

Wednesday, 09 Feb 2011 12:21 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
WASHINGTON – The number of new claims for US unemployment insurance tumbled last week to a two-year low, according to official data Thursday, offering hope for the troubled labor market.

The Labor Department said initial jobless claims fell to a seasonally adjusted 383,000 in the week ending February 5, down nearly nine percent from the prior week.

The department revised upward the previous week's reading to 457,000, from an initial estimate of 415,000.

The 383,000 figure was the lowest since early July 2008, data showed.

Last week's sharp decline in new claims surprised most analysts, who had forecast a drop to 410,000.

Severe winter weather in January continued to skew the numbers, a Labor Department official said.

"We are still unwinding a bit of the weather effect," he told reporters.

Snow storms had paralyzed broad swaths of the country, forcing businesses to close temporarily, which resulted in a big spike in claims during the third week in January.

The four-week moving average, a measurement to smooth out week-to-week volatility, rose to 430,500 last week, up by 1,000 from the revised average of 429,500.

© AFP 2014

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Judge Overturns Mississippi Same-sex Marriage Ban

Tuesday, 25 Nov 2014 21:52 PM

A federal judge has overturned Mississippi's ban on same-sex marriage, but he is putting his order on hold for two weeks . . .

Judge Rules Arkansas Ban on Same-Sex Marriage Is Unconstitutional

Tuesday, 25 Nov 2014 20:45 PM

A U.S. district judge ruled on Tuesday that an Arkansas constitutional amendment defining marriage as being only the uni . . .

Obamacare Architect to Testify on ACA's 'Deceptions'

Tuesday, 25 Nov 2014 20:12 PM

Obamacare architect Jonathan Gruber, whose comments citing the healthcare law's lack of transparency and mocking "the st . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved