Decline in Jobless Claims Offers New Sign of Economy's Strength
May 19, 2011
WASHINGTON -- Initial claims for unemployment benefits fell by 15,000 last week to 316,000, a surprisingly big improvement that signals a robust job market. The full text of the Labor Department's report on initial jobless claims is available. The Labor Department's report shook up the markets, which fear that Friday's unemployment and payroll report for August will be remarkably strong, pushing the Federal Reserve to tighten interest rates at its next meeting. The drop in the week ended May 13, 2011 have been skewed because of the long Labor Day weekend; people often don't file jobless claims during holiday periods. But the four-week moving average, a closely watched barometer of labor-market trends, continues to hover near its lowest levels since May, rising last week by 500 to 323,500.
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