Jobless Claims Off Last Week

Washington, DC, July 12, 2007-- Jobless claims for state unemployment dropped by 12,000 to stand at 308,000, for the week ended July 7,according to the Labor Department.

The four-week moving average of new claims, meanwhile, fell by 1,500, sinking to 317,750. The four-week average is sometimes considered a better indicator because it smoothes out distortions like strikes or weather-related events.

The number of people continuing to collect unemployment benefits, meanwhile, fell in the week ended June 30 to 2.55 million, down 4,000

Consistent levels atop the 350,000 mark would signal some weakening in the labor market, while a sustained drop below 300,000 could place further strain on a labor market that's already tight by most measures.