New jobless claims fell more than expected last week from a 16-year
high, the government said Wednesday, though they remain at elevated
levels due to the slowing economy.
The Labor Department reported
that initial requests for unemployment benefits fell to a seasonally
adjusted 529,000 from the previous week's upwardly revised figure of
543,000. That is lower than analysts' expectations of 537,000.
Despite
the improved number, initial claims remain at recessionary levels. The
four-week average, which smooths out fluctuations, rose to 518,000, its
highest level since January 1983, when the economy was emerging from a
steep recession. [AP]