U.S. jobless claims drop 29,000 to 343,000; at the second lo

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U.S. jobless claims drop 29,000 to 343,000; at the second lowest level of the year
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - New applications for U.S. unemployment benefits fell by 29,000 to a seasonally adjusted 343,000 in the week ended Dec. 8, putting claims at the second lowest level of the year, the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 372,000 from an original reading of 370,000, based on more complete data collected at the state level. Claims are now below pre-Sandy levels and near their lowest point in about four years. Economists surveyed by MarketWatch expected claims to decline to 370,000. The average of new claims over the past month, meanwhile, sank by 27,000 to 381,500. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Also, Labor said continuing claims decreased by 23,000 to a seasonally adjusted 3.2 million in the week ended Dec. 1. Continuing claims reflect the number of people already receiving benefits.