Washington, DC, July 20, 2006--New claims for jobless benefits fell 30,000 to 304,000 in the week ended July 15, from a an upwardly revised 334,000 new applications in the previous week, the Labor Department said.
The weekly jobs data was well below Wall Street expectations of 320,000 claims. The department originally reported claims at 332,000 in the July 8 week.
Two weeks ago jobless claims rose 20,000 as auto plants closed for their annual summer maintenance. A Labor Department analyst said the bulk of last week's decline was due to fewer claims filed in the automobile industry.
The four-week moving average of new jobless claims, regarded by economists as a more accurate reflection of the labor market than the more-volatile weekly number, also fell, dropping to 316,750 from 318,000 the prior week.
The number of Americans already on unemployment benefit rolls after drawing an initial week of aid rose to 2.51 million, the highest since early February, in the week ended July 8, which is the latest period this data are available.
