Initial Jobless Claims Fall But Seen as Temporary

Washington, DC, February 21, 2008—Initial jobless claims fell last week, but the larger-than-expected drop was regarded as only a temporary improvement.

The Labor Department said that the number of jobless claims fell 9,000 last week to a total of 349,000.

The four-week average rose to 360,500, the highest level since claims spiked in October 2005after Hurricane Katrina.

The economy lost 17,000 jobs in January, the first monthly job loss in more than four years.