Welcome drop in jobless claims ends year

First time jobless claims fell by 94,000 for the week ended Dec. 27, the Department of Labor reported today.
DEC 31, 2008
By  Bloomberg
The number of Americans filing for first-time unemployment benefits fell sharply last week. First time jobless claims fell by 94,000 for the week ended Dec. 27, the Department of Labor reported today. Initial filings for first-time unemployment benefits dipped to 492,000 last week from the 26-year high of 586,000 for the week ended Dec. 20. The Labor department cited seasonal volatility in explaining the drop. Economists surveyed by Chicago-based Briefing.com Inc. were expecting jobless claims to slip to 575,000. The four-week moving average for unemployment insurance claims was 552,250, a decrease of 5,750 from the previous week.

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