Initial Jobless Claims Fall Three Weeks in Row

Washington, DC, Aug. 28. 2008--Initial jobless claims fell for the third week in a row, matching economists' expectations.

The Department of Labor reported Thursday that initial filings decreased by 10,000 to a seasonally adjusted 425,000 in the week ended Aug. 23.

The four-week seasonally adjusted moving average of new jobless claims fell 6,000 to 440,250 in the past week. Last year at this time, the figure was 324,750.

It was the sixth straight week that filings exceeded 400,000, a benchmark that indicates weakness in the job market. The number of filings reached a six-year high of 457,000 in the week ended Aug. 2.

The number of people continuing to receive unemployment benefits rose by 64,000, to 3.42 million in the week ended Aug. 16.