U.S. jobless claims drop 12,000 to 350,000
Posted: Thu Dec 27, 2012 1:35 pmU.S. jobless claims drop 12,000 to 350,000
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - U.S. applications for new unemployment benefits fell by 12,000 to 350,000 in the week ended Dec. 22, but the decline may have been exaggerated by the Christmas holiday. The federal government was closed Monday and Tuesday and many states also closed for both days. As a result, the Labor Department had to use estimates to gauge the level of jobless claims for 19 states, including California and Texas, because of paperwork delays. Rarely does the government need to use estimates for more than one or two states in any week. Initial claims from two weeks ago were revised up to 362,000 from an original reading of 361,000, based on more complete data collected at the state level. Economists surveyed by MarketWatch expected claims to total 361,000. The average of new claims over the past month, meanwhile, fell by 11,250 to 356,750 to mark the lowest level since March 2008. 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 32,000 to a seasonally adjusted 3.21 million in the week ended Dec. 15. Continuing claims reflect the number of people already receiving benefits.
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - U.S. applications for new unemployment benefits fell by 12,000 to 350,000 in the week ended Dec. 22, but the decline may have been exaggerated by the Christmas holiday. The federal government was closed Monday and Tuesday and many states also closed for both days. As a result, the Labor Department had to use estimates to gauge the level of jobless claims for 19 states, including California and Texas, because of paperwork delays. Rarely does the government need to use estimates for more than one or two states in any week. Initial claims from two weeks ago were revised up to 362,000 from an original reading of 361,000, based on more complete data collected at the state level. Economists surveyed by MarketWatch expected claims to total 361,000. The average of new claims over the past month, meanwhile, fell by 11,250 to 356,750 to mark the lowest level since March 2008. 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 32,000 to a seasonally adjusted 3.21 million in the week ended Dec. 15. Continuing claims reflect the number of people already receiving benefits.