Initial Jobless Claims Dip; Stay Below 400,000 Level

June 27, 2002 ( - Even though the recovery from America's recession has been uneven in recent months, there was good news in the latest government jobless figures with a 10,000 drop in those making first-time claims to 388,000.

According to the US Department of Labor (DoL), the latest claims figure for the week ending June 22 was down from a revised 398,000 a week earlier. The figure was also largely in line with economists’ expectations of a fall to 389,000.

More importantly, the latest data stayed below the key 400,000 level for the fourth week in a row; the 400,000 level is widely seen as a recession indicator.

The four-week moving average – used because it tends to smooth out temporary fluctuations – was 391,000 after a dip of 6,500. That was also down for the ninth straight week and the lowest since 390,750 at the beginning of March.