First-Time Jobless Claims Fall More Than Expected

There appears to be a light at the end of a dark tunnel – the jobs market seems to be improving. The number of newly laid-off workers seeking unemployment benefits fell sharply last week. The Labor Department said that first-time claims for unemployment insurance dropped by 43,000 to a seasonally adjusted 440,000, the lowest total in a month. Wall Street economists had expected an decline of 15,000. A Labor Department analyst said the decline largely reflects the end of administrative backlogs that had elevated claims in the previous three weeks. The number of people claiming benefits for more than a week fell by nearly 80,000 to 4.5 million. That was a steeper decline than expected. (Copyright 2010 by The Associated Press. All Rights Reserved.)

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