The Wall Street Journal-20080111-Economic Snapshot- Jobless Claims Drop- Easing Fears of Hiring Weakness
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Economic Snapshot: Jobless Claims Drop, Easing Fears of Hiring Weakness
Jobless claims fell last week, easing fears of a rapid deterioration in the labor market.
Initial claims for unemployment compensation fell 15,000 to 322,000 during the week ended Jan. 5, the Labor Department said. The four-week moving average, which smoothes out the weekly volatility, fell to 341,000 from 344,000.
Analysts warned that the decline may be partly due to seasonal adjustment difficulties from a shorter week that included the New Year's Day holiday.
Continuing claims, which are available only through the week ended Dec. 29, dropped by 52,000 to 2.7 million; that number reflects workers drawing jobless benefits for more than one week. It was the first decline in five weeks, but the number remains elevated compared with earlier in the year.
