Washington, DC, October 5, 2006--First-time filings for state unemployment benefits fell to their lowest level since July in the latest week, in an indication the labor market is stabilizing.
U.S. initial jobless claims dipped by 17,000 to 302,000 for the week ending Sept. 30, their lowest mark since July 22, the Labor Department said Thursday.
The four-week moving average of new claims also fell, to 313,500. It's a decrease of 2,750 and is the lowest since Aug. 12.
Economists consider the four-week average a better indicator of labor market conditions because it smoothes out one-time events like strikes and weather interruptions.
Meanwhile, the number of people continuing to collect unemployment benefits rose by 15,000 for the week ending Sept. 23, to 2.44 million.
The four-week average of continuing claims fell, however, by 8,250 to 2.45 million.
