Jobless benefits claims hits 3-month low
The number of Americans claiming new jobless benefits hit a three-month low last week, a hopeful sign for an economy that has struggled to regain momentum.
Initial claims for state unemployment benefits dropped 24,000 to 398,000, the Labor Department said Thursday, below economists' expectations for a fall to 415,000.
"Claims provide some hints that the economy is going to do better in the third quarter," said Michael Strauss, chief economist at Commonfund in Wilton, Conn.
The labor market took a beating in May and June, with nonfarm payrolls increasing only 43,000 over the two months.
A four-week moving average of claims, considered a better measure of labor market trends, fell 8,500 to 413,750, while the number of people still receiving benefits under regular programs after an initial week of aid declined 17,000 to 3.70 million in the week ended July 16.
Data for the so-called continuing claims covered the survey week for the household survey from which the unemployment rate is derived. The jobless rate rose to 9.2 percent in June from 9.1 percent in May. -- Reuters
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