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Even so, last week's drop in initial claims was much larger than expected.
The drop in initial claims was the largest one-week decline since a 31,000 decrease in the week ended April 5, and brought claims well below Wall Street forecasts for 410,000.
The prior weeks reading of 407,000 initial claims was revised upward to 410,000, although the four-week moving average fell by nearly 6,000 claims, to 431,000.
The Labor Department said continuing jobless claims fell to 6.7 million, the first decline in 20 weeks; its tally of 621,000 initial claims, was also lower than the prior week.
Some of the increase in initial claims was attributed to inclement weather on the East Coast in the week ending Feb. 20, but investors took little solace in that excuse.
Work disability incurred for a recurrent disease, relatively to the initial claims, was similar: 38 530 (55.6%) and 30 709 (44.4%) years, respectively, of full time work loss.
Similar(54)
Initial claims were 320,000 in the same week last year.
At this point the initial claims are liquidated.
Initial claims are still below the peak for the current recession of 674,000 in late March.
Initial claims are considered a gauge of the pace of layoffs.
Weekly initial claims are generally at 325,000 or below in a growing economy.
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CEO of Professional Science Editing for Scientists @ prosciediting.com