First Time Unemployment Claims Fall Sharply

Washington, DC, July 12, 2012 -- First-time claims for unemployment benefits fell last week to the lowest level in more than four years, according to the Labor Department.

However, analysts speculated that the decline was likely due to fewer seasonal auto-sector layoffs than normal.

Jobless claims fell 26,000 to a seasonally adjusted 350,000 in the week ended July 7.

Economists projected they would fall to 365,000 from an upwardly revised 376,000 in the prior week.

Claims have ranged from 361,000 to 392,000 in recent weeks, a range normally associated with a modest rate of hiring.

Continuing claims fell by 14,000 to a seasonally adjusted 3.3 million in the week ended June 30.


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