Investing November 27, 2002

Jobless Claims Fall to Lowest Since Feb. 2001

November 27, 2002 (PLANSPONSOR.com) - US jobless claims dropped to their lowest point in nearly two years, extending a string of recent declines to four straight weeks, the US Department of Labor (DoL) reported.
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According to the DoL data for the week ending November 23, initial jobless claims fell 17,000 to 364,000 from a revised 381,000 for the previous week. The DoL said that was the lowest the much-watched indicator has been since it stood at 355,000 for the February 17, 2001 week.

The claims figure was also way below the 382,000 predicted by economists in a weekly Reuters survey.

The four-week moving average – considered a significant measure because it smoothes out short-term volatility – fell 11,250 from a revised 397,000

However, DoL officials cautioned that jobless claims are typically more volatile during the holiday season and that one week’s claims performance should not be taken as a sure sign of an economic recovery.

For the week ending November 16, claims dropped by 25,000 to 376,000. (See  Jobless Claims Continue Dropping ).

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