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Investing November 14, 2002
Jobless Claims Down for Second Week
November 14, 2002 (PLANSPONSOR.com) - Government
statistics for the number of Americans filing for first-time
jobless benefits broke out of its recent see-saw pattern with
a second straight decline for the week ending November
9.
Reported by Fred Schneyer
According to the US Department of Labor (DoL) data, the jobless figure dropped 8,000 to 388,000 down from a revised 396,000 for the previous week. Economists believe a jobless figure below the 400,000 mark is a sign of a strengthening job market.
The latest week’s numbers came in below Wall Street analysts’ projections of 395,000 claims.
The much-watched four-week moving average, considered to be a more reliable indicator of trends because it smoothes out short-term volatility, also fell to 396,750 in the November 9 week from a revised 403,250 the prior week. The DOL said that brings it to its lowest level since the August. 24 week and marked the end of a 10-week run above 400,000.
The number of continued claims, measuring the number of people drawing benefits for more than a single week, rose in the November 2 week, increasing to 3.6 million, the highest level since the October. 5 week.
Figures for the week ending November 2 dropped by 20,000 to 390,000 , the DoL said.